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Real Estate Mortgage Shoppe radio show May 12, 2012

Podcast from May 12, 2012 http://www.600wrec.com/cc-common/podcast/single_page.html?podcast=jogarner

Good morning Memphis! Happy Mother’s Day weekend to everyone! You are are on the Real Estate Mortgage Shoppe program with me Jo Garner, Loan Officer with Evolve Bank and Trust. In the studio with us today we have Deanna Vaughan of King and Vaughan Consultants—certified Shelby County property tax appeal appraisers

Jeremy Veldman is visiting today- Jeremy was one of our January shows. His company is Memphis Turnkey Properties.
Today our topic is “Get More Mileage Out Of Your Money: Lower Your Mortgage Rate and Your Property Taxes” Read the rest of this entry »

BUYING REAL ESTATE WITH NOTHING DOWN
5-5-12

To hear podcast from the Real Estate Mortgage Shoppe radio program go to:

http://www.600wrec.com/cc-common/podcast/single_page.html?podcast=jogarner

Que’ Bueno and Good Morning Memphis on this Cinco de Mayo! You are on the Real Estate Mortgage Shoppe program with me Jo Garner, Mortgage Officer with Evolve Bank and Trust. With us in the studio we have Holly Swogger, Holly Swogger – Investor with Homevestors. And we have our telephone hotline guest from Florida……… Attorney Chris McClatchey,.
Our topic today is “Buying Real Estate With Nothing Down

Here’s some ideas for starters— In the news this week the job market report was TERRIBLE. The silver lining in the cloud? Mortgage rates went down even more because investors poured their money into Treasury bonds—the ones that back mortgages so mortgage rates dipped down even further.
The benchmark 30-year fixed-rate mortgage fell to 4.05 percent, compared to 4.09 percent the previous week. The benchmark 15-year fixed-rate mortgage fell to 3.25 percent from 3.28 percent the previous week, and the benchmark 5/1 adjustable-rate mortgage fell to 3.02 percent from 3.03 percent.
Did you know, its cheaper to buy a house than rent one in many areas around the country—especially in Memphis!
It’s also cheaper to refinance today especially on a program that does not require an appraisal. The HARP program for underwater borrowers helps homeowners who are underwater but have a good mortgage payment history. The HARP program is especially for those owe more on their home than their house is worth.
If you want a free evaluation to see if you qualify for the HARP program or any OTHER program, let’s talk after the show on my direct line (901) 482 0354 or check out my blog at www.mortgageloansblog.com
If you have an FHA government mortgage and want to refinance on the FHA streamline with no appraisal, FHA has some great news for you coming up. They are lowering the upfront FHA mortgage insurance upfront and monthly.
More good news– buyers who have good credit, stable income, little debt and an acceptable down payment seem to be jumping off the fence as they realize this is their chance to buy low, There are plenty of down payment assistance programs out there too and other strategies you can use to buy a house with little or nothing down.
Speaking of little or nothing down, Holly Swogger from Homevestors (We Buy Ugly Houses) –let’s get Chris on the line to talk to everybody…..
Question 1 for Chris: How can I buy a real estate property with nothing down? …….
Question 2 for Chris (Kevin and Holly to ask the questions of Chris

Questions for Jo Garner to answer : Where do you find down payment money for your borrowers?
Question for Jo Garner to answer: You were talking about the special government HARP program earlier. We interact with real estate investors everyday. Is the HARP program with no appraisal available for residential investment property too?
Question for Jo Garner to answer: You work for a traditional bank. Do you have nothing down financing programs at Evolve?
Real Estate Tip of the Week: on podcast
Chris shared a little about how to get nothing down real estate deals:

Today we have a special guest on the phone all the way from Florida, Investor and Attorney Chris McClatchey, Chris is our featured guest at MIG this Thursday May 10th and all day on Saturday for a special workshop on May 12th. Chris will be teaching us, among other things how to find and do “No Money Down Deals.”

Chris studied and became an attorney, that is a pretty lucrative career, how and why did you make the switch into real estate?

So you do no money down deals. I can tell you that the number one questions that our members are asking today is where to get the money, sounds like you may have found an answer, tell us about that.

Give us an example of a recent deal you did with no cash out of your pocket.

You write in your course that you have to get creative to get the deal done, we have talked about that on this show before and it is so true, especially in today’s market. Can you talk a little about that?

You really have to listen to what sellers are saying. Can you talk about some of your techniques you use to get folks talking to you because this is a hard and scary thing for folks new to real estate to start doing.

In your course you have a section called “quick turn for the long term” and you talk about the velocity of money and how to really make your money work for you. Tell us about that.

You also have a Massive Action Plan or M.A.P. where it seems you have outlined a step by step guide with a lot of forms and checklists.

Jo Garner Evolve Bank & Trust 6070 Poplar Ave Ste 100 Memphis, TN 38119

If you are interested in buying real estate for nothing down, call me at (901) 482-0354 Jo Garner, Mortgage Loan Officer at Evolve Bank www.MoneyShoppe.NET If you want the best terms on a home refinance call me. We have the HARP and other refinance programs you can use all over the country.

Preparing For A Smooth Real Estate Closing: Tips To Prevent The Pitfalls 4-28-12

http://www.600wrec.com/cc-common/podcast/single_page.html?podcast=jogarner

Good morning Memphis! You are on the Real Estate Mortgage Shoppe program with me, Jo Garner, Mortgage Officer with Evolve Bank and Trust and today we are talking with R Attorney Ron Cohen affiliated with the Memphis Law Firm of Ballin, Ballin & Fishman and an owner of Premium Title. Ron? We also have Don Swogger of Homevestors in the studio talking with us today. Don? Our topic today is “Preparing For A Smooth Real Estate Closing: Tips To Prevent The Pitfalls.”

Our big news in the real estate mortgage world is still the HARP program. If you or anyone you know owes more on their home than the current value, the HARP 2 program is working very well to help these underwater borrowers. If your mortgage loan is backed by Fannie Mae or Freddie Mac and has been backed by them since before May 31.2009 and if you do not have any over 30 day mortgage late payments in the last several months, you should be able to lower your mortgage interest rate and improve your terms without the appraisal in most cases.

My assistant Susan Belew and I have been having fun working with our customers refinancing to the HARP program. Everyone likes a happy customer and there is a lot to be happy about when you are saving $200–$300—–$400 or more per month on your mortgage payment OR shortening the number of years on your mortgage and eliminating a few years of making payments—THAT’s where you can easily save 10’s of thousands of dollars overall. .

If you would like for us to do a free evaluation to see if you or someone you know qualifies for the special HARP program give Susan and me a call directly off air at (901) 482 0354. That number again to talk privately and not on air is (901) 482 0354.

The White House has made a proposal which would allow homeowners whose mortgages are NOT backed by the federal government—and who have fallen outside the scope of previous government refinance initiatives—to take advantage of low interest rates by locking into a government-backed loan. This program is rife with problems and has not made it off the ground yet and may take several months. So if the deal on the table works for you today—do it today. Read the rest of this entry »

SHELTER FROM THE STORM: STRUCTURING YOUR INSURANCE AND MORTGAGE

To hear podcast from 4-21-12
Click http://www.500wrec.com/cc-common/podcast/single_page.html?podcast=jogarner

Good morning, Memphis! You are on the Real Estate Mortgage Shoppe program with me, Jo Garner Mortgage Officer with Evolve Bank and Trust. With us today are Troy and Lynn McDonald of Erin McDonald Allstate Insurance Agency Our topic today “Shelter From The Storm: Structuring Your Insurance and Your Mortgage.”

Lets get into the mortgage news first. We have some good news for those of you who still want to buy a house or refinance one. The mortgage rates stayed new all time lows again this week after threatening to spike upward.
The benchmark 30-year fixed-rate mortgage fell to 4.1 percent. The benchmark 15-year fixed-rate mortgage was unchanged at 3.32 percent, and the benchmark 5/1 adjustable-rate mortgage rose to 3.05 percent from 3.03 percent the previous week. With THESE mortgage rates it is perfect weather to buy a home or refinance one. Especially since the Home Affordability Index is better than it has been since the index got its start in 1970.
The big news this week has been and still is the special government HARP program for underwater homeowners. The Home Affordable Refinance Program in most cases does not require an appraisal and allows some homeowners to refinance even though they owe more on their mortgage than the current value of their home. My assistant Susan Belew and I are getting a flood of customers in our office to take advantage of the low rates. It has been fun these past few weeks talking with customers getting the HARP program. So many of them thought it was too good to be true. We can save so many $200–$300– $400 per month or more. One of the most common comments I hear is “ why did we not have this program available sooner?” Another most common question is “can I refinance a rental property on the HARP program?” The answer is yes. Under certain restrictions you can refinance your primary residence, a 2nd home, AND RENTAL PROPERTY. .
Susan and I would like to challenge you to call us and let us do a free evaluation of whether you qualify for a refinance without an appraisal on the HARP program. If you can think of a friend or family member who has said they owe more on their house than the current value, Susan and I would like to have an opportunity to help them too. We work with people all over the country—not just in Memphis. The best way to reach me directly off the air is to call (901) 482-0354. That is (901) 482 0354. or visit me on my blog www.mortgageloansblog.com
Word to the wise: Don’t expect these low rates to hang around forever. If refinancing or purchasing a home makes sense for you now—do it now.
If you want to have shelter from the economic storm, consider the fact that rents are on the rise right now and mortgage rates for homes are at historic lows. No one knows what economic conditions to expect in the future, but personally I like having a low house payment on a fixed rate I can count on to stay low for years to come. Read the rest of this entry »

HOW TO FIND AND MAKE REAL ESTATE DEALS
4-7-12 PODCAST FROM AM 600 WREC

The Real Estate Mortgage Shoppe program covers ideas on how to get the best mortgage refinance terms and good information on special loan programs for purchasing a home or investment property. The latest mortgage rates and specific information about the Memphis real estate market.

Go to the 4-7-12 podcast: http://www.600wrec.com/cc-common/podcast/single_page.html?podcast=jogarner

Jo Garner, Mortgage Loan Officer Evolve Bank and Trust (901) 482-0354 www.MoneyShoppe.NET
Let’s close in the best terms for your purchase or refinance of your primary residence, second home or investment property.

Good morning! Welcome to the Real Estate Mortgage Shoppe program. I’m Jo Garner, Mortgage Officer with Evolve Bank & Trust and with us today we have Richard Scarbrough, realtor, buyer, broker with First National Realty and Kevin Perk owner of Kevron Properties and blogger on www.smarterlandlording.com Our topic today is “How To Find and Make Real Estate Deals.”

In the mortgage news this week, the big news is the HARP program that allows homeowners who are underwater with the mortgages to refinance. The program, in most cases, does not require an appraisal and allows people who owe more on their homes than the home’s current value to refinance to today’s low rates. You can refinance your primary residence, vacation home or even a rental property on the HARP 2 program. There are some restrictions to this program, so give me a call on my direct line at (901) 482-0354 and Susan and I can talk with you to find out if your loan qualifies for the special HARP refinance.

In other news the FHA government loan program is clearing the deck to make way for an upcoming program to help borrowers who have FHA loans to refinance to lower rates with less cost. If your FHA mortgage was on the books prior to June 1, 2009 and you have made the last 12 consecutive payments on time, you may be eligible to refinance to a historic low interest rate with less upfront AND per month.

There are several different programs out there that sound alike but are vastly different. There is an FHA Short Refinance out there that requires your lender to reduce the amount you owe before this program will work. You will also have to show perfect payment history over the last 12 months. On the Short Refinance, you loan cannot be owned or guaranteed by Fannie Mae, Freddie Mac, FHA VA or USDA. There are a few more restrictions on this one.

Now for those of you who are interested in BUYING a house. The time is great to buy a primary residence, vacation home OR investment property. Rates are at a 50-yr low AND the national affordability index is better for buyers than it has been since 1970. Here’s an interesting fact though. Even though mortgage interest rates are at historic lows and houses are at a record affordability, the trend has turned in Memphis for some of the more popular locations, from a Buyers market to a Sellers market.

Word to the wise: Don’t sit around and miss some awesome opportunities to buy a home or build some wealth buying several. If you are a first time homebuyer, we have multiple outlets to get you some down payment assistance with some restrictions. Call us on our direct (off the air) line at (901) 482 0354. We would like to talk with you personally.

Mortgage rates are great whether you are purchasing a home or refinancing one.
This week the rates spiked up but came on back down a little to 4.25% on the 30 yr fixed but eased back down to a comfortable 4% for most loan scenarios with 30 yr fixed rate. The 15 years are still comfortably in the 3’s . The 5-1 ARM (that’s the loan with the fixed rate for the first 5 years and then converting to an adjustable rate). The rate on the 5-1 ARM went up to about 3.15% from his recent low point of 2.625%.

As for lending trends—we have some very definite trend going on right now in lending. Here’s the biggest one in two words TIGHTER RESTRICTIONS. But the terms you get on loans today can be more than worth the hassle. If you have large deposits (maybe not even THAT large on your bank statement that is not payroll, be prepared to document the source of those deposits.
Here’s another one: more and more people are being required to show copies of tax returns. If you are a W2 salaried employee but you own your own business on the side and show a loss on your tax returns, the tax transcripts done by the bank WILL SHOW the loss and it will be deducted from your regular job income. If you write off unreimbursed employee expenses, that amount is deducted from your regular income too.
We can add back to your income depreciation expenses that you show on your taxes for your business or rental real estate property.

We can get into more mortgage and real estate topics later. But for now let’s go to Richard Scarbrough, Realtor, Buyer, Broker for First National Realty and Kevin Perk, real estate investor and owner of Kevron Properties and blogger on www.smarterlandlording.com .
Our topic today is “Finding And Making The Real Estate Deal” Richard and Kevin, I am so glad we have you with us on the program. You guys are the PERFECT experts to educate us. How DO you find and make a great real estate deal? Hear the answers on the podcast 4-7-12. Read the rest of this entry »

“Snappy Secrets To Strengthen Your Credit Scores”
From the Real Estate Mortgage Shoppe radio show 3-31-12
http://www.600wrec.com/cc-common/podcast/single_page.html?podcast=jogarner
Good morning to you, Memphis! You are on the Real Estate Mortgage Shoppe program with me, Jo Garner, Mortgage Officer with Evolve Bank and Trust. With me today in the studio is Blake Higgins, with Data Facts, Inc— a Credit Reporting Agency headquartered right here in Memphis. Our topic today is “Snappy Secrets To Strengthen Your Credit Scores” Blake , along with the other experts at Data Facts, have helped plenty of my mortgage customers get a lower mortgage rate and better loan terms by helping them raise their credit scores in a surprisingly fast time period. Get on the air with us by calling (901) 535- 9732 . That is (901) 535 WREC.
Blake, we definitely want to leave plenty of time for you to help some of our callers. Let’s go over the highlights of what’s been happening in the real estate financing world this week. Read the rest of this entry »

3-14-12
http://www.600wrec.com/cc-common/podcast/single_page.html?podcast=jogarner

Good morning Memphis! You are on the Real Estate Mortgage Shoppe program with me Jo Garner, Mortgage Officer with Evolve Bank and Trust and Attorney Ron Cohen affiliated with the Memphis Law Firm of Ballin, Ballin & Fishman and an owner of Premium Title and Jenett Rochester the Memphis location manager of Premium Title. Today we are talking about “Save Your House With the HARP Program—Save Your Wallet When Buying A Foreclosure or Short Sale”

Before we get into our topic let’s talk about the BIG news this week.

Mortgage rates gave us a little scare this week spiking higher for a few days but they begin to gradually drift back down again at the end of the week.

30 yr rates are about 4% to 4.25$
15 year rates are in the low 3’s to mid 3’s

The HARP refinance program to help homeowners who are underwater –owing more than the house is currently worth—here’s some GREAT NEWS for you! The full Home Affordable Refinance Program with no home value restrictions is now available. My assistant Susan Belew and I have this program available to you at Evolve Bank and Trust with absolutely no value restriction.

In fact we were discussing a loan yesterday where the borrower’s current mortgage balance compared to the current value of his home is over 200%!! This is a perfect example of how the HARP program can be a lifesaver for so many homeowners who owe more on their house than the property value.

Word to the Wise—If you are a homeowner who believes you owe more on your house than the current value—–DO NOT LET THIS AWESOME OPPORTUNITY PASS YOU BY! You can call our direct, personal line at (901) 482 0354. WE WANT TO GIVE YOU SOME BRAGGING RIGHTS when we refinance your loan to these very low rates—without you having to worry about the appraisal value. That number to call to talk personally off the air with Susan is 901 482 0354.

Here is the cliff note version of the hottest loan product that has hit the national market in decades! You can catch the past podcasts of this program on my blog www.mortgageloansblog.com. . Read the rest of this entry »

Quickest Road To The Gold on Landing Your Mortgage & Making An Insurance Claim
March 17, 2012 Saint Patrick’s Day
Here is the link to hear the podcast from the WREC AM 600 radio show connected with this post. http://www.600wrec.com/cc-common/podcast/single_page.html?podcast=jogarner

Top o’ the mornin’ to ya! Its St Patrick’s Day and you are on the Real Estate Mortgage Shoppe program with me, Jo Garner, mortgage officer with Evolve Bank & Trust. Our guests today are Troy and Lynn McDonald with the Erin McDonald Agency of Allstate Insurance. Great to have you on Troy and Lynn….
Our topic today is “Quickest Route To The Gold on Landing Your Mortgage & Making An Insurance Claim.” Before we get into the “Quickest Route To The Gold” lets cover some real estate and mortgage news from the second week in March 2012.

Fannie Mae is rolling out the HARP program this weekend that will help homeowners who owe more on their home than the current value. It may take some lenders a few days to get the program operational and begin the HARP lending process. HARP is good program if your mortgage has been backed by Fannie Mae or Freddie Mac on or before May 31, 2009 and you have been making your payments on time.

The benchmark 30-year fixed-rate mortgage rose 4 basis points this week, to about 4.15.The benchmark 15-year fixed-rate mortgage rose 4 basis points, to 3.38 percent. The benchmark 5/1 adjustable-rate mortgage rose 11 basis points, to 3.14 percent.
If you want a list of the reasons for the rate rise, here are a few:
The economic Leprechauns seem to be out in full force throwing gold around.
Lots of people have been out on shopping sprees at the mall, spending the green stuff in stores, giving retail sales the biggest boost in 5 months.
Maybe one reason so many people were out shopping is because 227,000 of them just got jobs. While the unemployment rate is still high at 8.3%, reports show our labor market has improved for 3 months in a row.
With all of this golden news, the Fed at the Federal Open Market Committee painted a slightly more positive picture of the economy when they met this week.
They did a stress test on our nation’s banks. The Fed evaluated whether banks would have sufficient capital to operate normally and enough money to lend to consumers and businesses during a “severe” economic crisis. Of the 19 banks evaluated, 15 passed the test.
Now for the not-so-golden news…. FHA, the federal mortgage program best known for offering 3.5% down payment programs with more lenient guidelines on credit. They announced recently that they will almost double the upfront mortgage insurance premium they add to the mortgages they insure for borrowers. They will also be tightening up requirements for loan applicants with $1,000 or more in aggregate collection balances. Ouch!
The other not-so-good news is that investors funding home mortgages have stepped up the number of mortgages they are requiring originating mortgage companies to buy back. This has caused ultra-sensitive underwriting with more and more documentation being required of borrowers before and even AFTER closing.
My very capable assistant, Susan Belew, was trying to describe to a customer about why more documentation is being required today than in years past. Susan said “ these mortgage investors have turned into barracudas!” And it really does seem that way sometimes.
If you are on the path to getting a purchase or refinance loan on a house, it is more important today than ever that, WHOEVER you choose, pick an experienced mortgage officer to get you on the quickest route to landing your mortgage. Of course Susan and I would like it very much if you would give us the honor of assisting you in the mortgage process. You can call us directly at (901) 482 0354. Our direct (not on the air line) again is (901) 482 0354.
If you can think of anyone in your circle of friends currently renting who have said they do not have the money to buy a house, please give Susan and me a chance to talk with them. Today we have several different down payment assistance program from ultra low payback plans to grants.
We can get into more details on how to avoid delays and minefields in the mortgage process but first let’s get some wisdom from Lynn and Troy McDonald of Erin McDonald Allstate Insurance Agency….

Troy and Lynn, what are some of the trends you are seeing right now with insurance? Tell us about the Quick Route to the Gold on Getting Insurance Claims handled…..
Listen to the 3-17-12 podcast to hear Troy and Lynn McDonald of Erin McDonald Allstate Insurance talk about ways to get to the gold when you are dealing with insurance claims.
Hear their tip of the week about calling your insurance agent first and NOT the 1-800 # to save getting a claim logged to your record when there is no claim.
Also hear their tips on how to do the math on determining if you should file an insurance claim or cover it without a claim.
The McDonalds talked with callers about items and situations are not covered on a regular homeowner policy. Some examples are trees that did not fall on the house and were not struck by lightening and flood insurance.

Questions answered by Jo Garner, Mortgage Officer at Evolve Bank & Trust:
1. How can a home buyer or someone refinancing their home best prepare for the mortgage process?
A. Review your online free credit report to make sure there are no errors, surprise collections or recent late pays reporting. (Most of the time on the free credit reports you get online, the scores reflect much higher numbers than you will see on a mortgage Fico rating. Because the online scoring systems are on a much different rating scale than the traditional FICO credit scoring system. Check out www.myfico.com for more information. )
B. Review your bank statements. Be prepared to document the source of any large deposits other than payroll that appear on your statements.
C. Check your last two years tax returns on the 3rd page to make sure your accountant has not shown unreimbursed employee expenses on the return. The mortgage company will deduct any unreimbursed employee expenses from your regular income. This could make the difference between qualifying for your mortgage and not. Truck drivers and salespeople almost always have unreimbursed employee expenses because they write off traveling expenses and marketing expenses. .

2. What are some things a home loan borrower can do to avoid negative surprises during the loan process?
A. If the homeowner is refinancing their home, we try to do some preliminary research to get an educated guess on where we think we will hit on an appraised value. The homeowner can do this too by checking www.zillow.com and www.trulia.com . Another step to take if the borrower is concerned about what value they may get is to consult an experienced realtor who is familiar with the neighborhood. Ask a trusted realtor for a free full analysis of sales like the borrower’s house in that borrower’s neighborhood over the last 6 months. By reviewing all the recent comparable sales in that neighborhood over the most recent 6 months, we can get a fairly good idea what to expect on an appraisal value before the homeowner pays for an appraisal.
B. If you are BUYING a home, get your contract accepted subject to a satisfactory home inspection. Don’t order an appraisal until you are satisfied with the home inspector’s report. The appraisal can cost several hundred dollars upfront. Don’t pay for the appraisal until you are sure the contract will be accepted at your price and the home inspection is clear.

Real Estate Tip of the Day: If you are about to apply for a mortgage for buying a house or refinancing one, do not pay down or pay off or adjust anything about your credit or assets before talking with an experienced loan officer. My assistant and I are trained on using Credit Simulators and working with the Fannie Mae and Freddie Mac automated underwriting systems.
Sometimes a loan officer can analyze the borrower’s current financial situation and give advice on how to adjust assets or credit to help get the borrower a better rate or better terms on the approval.
Jo Garner, Mortgage Officer Evolve Bank & Trust (901) 482 0354 www.MoneyShoppe.NET
Give me an opportunity to work with you or someone you know on a mortgage on a primary residence, second home or investment property. I work help borrowers get mortgage financing on properties in the Memphis, Tennessee area and nationally.

What is a real estate deal?

http://www.600wrec.com/cc-common/podcast/single_page.html?podcast=jogarner

3/3/12 podcast
WREC AM 600
Real Estate Mortgage Shoppe

Good Morning Memphis! Are you ready to make some money? Are you ready to build some wealth? You are on the Real Estate Mortgage Shoppe with me, Jo Garner, Mortgage Loan Officer with Evolve Bank and Trust. In the studio with us today we have Richard Scarbrough, Buyer & Broker with First National Realty and Kevin Perk, investor and blogger for SmarterLandlording.com . Today our topic is “What Is A Real Estate Deal?”

Before we jump into building your wealth, let’s cover some important news for home mortgage financing.

The big news is that FHA is almost doubling their upfront insurance fee as of April 1st , 2012. What is FHA and what does it do? The Federal Housing Administration (FHA) insures mortgages on single-family and multi-family homes. They do not loan money, but they are the largest insurer of mortgages in the world, offering borrowers a chance to purchase with very little cash investment. FHA is the most popular home loan program for people looking for flexibility in calculating household income and payment ratios. FHA is also the most lenient on requirements for funds to close.

As of April 1st FHA will raise the upfront mortgage insurance from 1% to 1.75%. For example if you were getting an FHA mortgage for $100,000. Today you would have $1,000 added to your loan amount to cover the upfront mortgage insurance payment, so you would be borrowing $101,000. But in less than a month, you will be adding $1,750 to your $100K loan. That is an extra $750 added to your loan if you are borrowing $100K .

FHA is also going up on the monthly mortgage insurance. Today you would pay a monthly mortgage insurance on a $100,000 loan of $96/mo. But as of April 1st you will be paying 104/mo. That is an extra $8/mo if you are borrowing $100K –even more if you are borrowing more.

Word to the Wise: No matter which mortgage company or bank you are working with– Get your FHA purchase loan or refinance loan closed BEFORE April 1st . With the mortgage companies working at past capacity right now, the name of the game is get your loan application today and now later than Monday and be ready to supply all of the supporting documents within 48 hours. You can call me and my very capable assistant Susan Belew right now on our direct line (901) 482 0354. That direct number again is (901) 482 0354.

The computerized underwriting system and pricing should roll out March 17 for the HARP 2B program to help underwater borrowers—that would be the refinance program to help homeowners who are underwater on their mortgage—in other words, they owe more on the house than the current value of their home. There are restrictions for the program. Your loan must have been backed by Fannie Mae and Freddie Mac since before May 31, 2009 and you need to have been making your payments on time. Don’t know whether your meet the criteria? My assistant Susan Belew and I will be glad to do the research for you. Call us at (901) 482 0354.

There is a newer refinance plan that the President mentioned on his State of the Union address but is not officially on the table yet. This is the refinance program to refinance underwater borrowers that have mortgages NOT backed by Fannie and Freddie—and this program was supposed to be dead on arrival but Republican Senator Richard Shelby of Alabama wants to hear more about his program to help the housing market. Do YOU want to hear more? If you want this program, you need to talk to YOUR senator and let them know how you feel and what you think about it.

The number one question for callers at my office this week “ What is the mortgage rate?”
Actually there is not A RATE. Your mortgage rate is determined by your loan amount, loan type, loan-to-value and credit score. But, Wednesday and Thursday this week the mortgage rates spiked up because investors are getting nervous about what is going to happen in Europe and what is going to happen with our employment numbers. Yesterday the good news is the mortgage rates slid back down a notch

Today we are back at a comfortable 3.875% to 4.25% on the 30 yr fixed rate loans and low to mid 3’s on the 15 year. The big winner this week is the 5-1 ARM coming in at a cool 2.625% to 3.25%. The 5-1 Arm is a fixed rate for the first 5 years and then converts to an adjustable rate with safety caps. If you are not going to be in the loan for more than 5 years OR if you are paying down a very large chunk of the balance within the first 5 years, then let’s talk about how the 5-1 ARM could work for you.

Are you ready to make some money? Are you ready to build some wealth? We have Richard Scarbrough, buyer and broker with First National Realty and Kevin Perk, investor and blogger for smarterlandlording.com Our topic today? “What Is A Real Estate Deal?”

Want to talk with us about this or any other real estate topic on your mind? Call us at (901) 535-9732 . That is 901 535-WREC.

Richard and Kevin, What IS a real estate deal?…..
Define a real estate deal – You have to work backwards from what you want to do with a property, retail, wholesale or buy and hold. A deal is not $185,000 for a “$200,000” house. You paid retail. Read the rest of this entry »

Keep It Low, Keep It Covered: Homeowners Insurance & My Mortgage 2-11-12

Jo Garner, Mortgage Officer , Lynn & Troy McDonald, Erin McDonald Insurance Agency Allstate Insurance

http://www.600wrec.com/cc-common/podcast/single_page.html?more_page=1&podcast=jogarner&selected_podcast=Jo_and_Troy_and_Lynn_2-11-12_1329176700_18832.mp3

The podcast link leads you to the Real Estate Mortgage Shoppe program with me, Jo Garner, Mortgage Officer with Evolve Bank and Trust.  We are talking with Lynn and Troy McDonald of Erin McDonald Allstate Insurance Agency.  We cover money-saving tips for you to keep your insurance costs at their lowest without giving up adequate coverage. Also keeping your mortgage rate low with the best terms for your individual situation.  Read the rest of this entry »