Welcome to Real Estate Mortgage Shoppe. Pull up a chair or pop in some earbuds for the podcast. In today’s show you will hear my top 5 tips for how to clean up and maintain your credit and Jeri Jeffries of Tiger Paws Carpet and Upholstery Cleaning will cover top 5 tips for cleaning and maintaining your carpets. I will be sharing with you some important advice that can save you or someone you know hundreds and even thousands of dollars just by asking a couple of strategic questions when you are getting your mortgage loan processed.
Subscribe at www.TNRDHomeLoans.com so we can stay in touch with you and keep you updated on the latest “need-to-know” information as the industry changes from day-to-day. Or call me personally if you need information not included in this blog post.
To Your Success,
McKenzie Mortgage RD Loans, Mortgage Loan Officer #MortgageExpert (615) 924-6215 This email address is being protected from spambots. You need JavaScript enabled to view it.
______________________________________________________________________
 Good morning, Memphis! Welcome to our listeners across the 50 states! You’re on Real Estate Mortgage Shoppe. I’m your host, McKenzie Mortgage RD Loans, Mortgage Loan Officer. You can connect with me at www.TNRDHomeLoans.com. Our general topic is “BEST MORTGAGE RATES AND REAL ESTATE DEAL WITH CLEAN CREDIT & CLEAN CARPET TOO.” If you have a question or comment and you’re on Twitter, make them to #TNRDHomeLoans or call me directly off the show at (615) 924-6215. You can call us while we are live July 30th, 2016 at (901) 535-9732 or outside the Memphis area (800) 474-9732
During our show today you will hear my top 5 tips for how to clean up and maintain your credit and Jeri Jeffries of Tiger Paws Carpet and Upholstery Cleaning will cover top 5 tips for cleaning and maintaining your carpets. I will be sharing with you some important advice that can save you or someone you know hundreds and even thousands of dollars just by asking a couple of strategic questions when you are getting your loan processed.
It’s great having Jeri Jeffries of Tiger Paws Carpet and Upholstery Cleaning sitting at the table having coffee again this morning. Jeri, you have done some work for some of our listeners and me too. I have heard about your quality of your service and at a fair price too. You have done an outstanding job for me personally, even when I called you last month at the last minute begging you to come that very night. Your crew, after a long day’s work agreed to come and help me out. They did a fabulous job and with a smile. Tell us a little bit about yourself, Jeri and a little about your team at Tiger Paws. What kind of services do you offer your clients and what keeps you all so positive every day?
⦁ (Jo) Just as you love what you do, Jeri, I love what I do too in the mortgage business. Buying a house and getting a mortgage is one of the biggest investments many people ever make. Most people live with the mortgage about as long as they live in the house, so it is important to get the mortgage terms right the first time. You can always paint an ugly house and clean the carpets, put in some pretty landscaping to improve how it looks, but ugly financing is, well, just ugly. I attended a closing with a client who desperately needed to move from where she was living and quickly. She had to be frugal with her down payment funds and the monthly payment. We compared a 30-year FHA government mortgage with 3.5% down payment with a conventional loan with 5% down. At first, the 3.5% government loan looked like the easiest path to take, but under the newest guidelines she would be paying over $100 per month for the FHA mortgage insurance for the LIFE OF THE LOAN. For just 1.5% more down payment, she would only have to pay under $60/month for private mortgage insurance and it would go away once she paid the loan to 80% or less loan-to-value. In other words, she would pay less per month for PMI and it would go away in the first part of the loan. Over the life of the loan the conventional vs the FHA loan will save this lady over $30K in mortgage insurance payments. A good loan officer will prepare their clients on what loan regulations will require to verify the source of large deposits in the bank account, what types of repairs an appraiser will require to be completed before the closing and which ones can be done later—all of these details can save my clients money right away or over time. You can find my handy checklist of these items and more later in the blog post for today’s show.

(Jo) Another part of being a good loan officer is knowing how the current mortgage market is moving and how it will affect the mortgage client. Yesterday, the Gross Domestic Product numbers came in low, causing investors to put their money in mortgage-backed securities (bonds). When the yield drops on bonds, prices on mortgage rates tend to drop too, which they did yesterday. 30YR FIXED – 3.375-3.5%, FHA/VA – 3.25%-3.5%;15 YEAR FIXED – 2.75- 3%. Zero down USDA Rural Housing loans—100% Veteran Loans—even some of the Jumbo sized loans have rates at near 3-year lows. My tip to your or someone you know who is contemplating buying a house or refinancing, MAKE YOUR PLAN, WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. Some of my former customers that have some equity in their houses, are refinancing to cash out and using the cash they get back from the cash out mortgage to reinvest for a higher return or they are using the funds to pay off higher interest rate debt. Beware of next week on the rates though. The jobs report comes out next Friday. If you want to how YOU can save a few hundred or several thousand dollars on YOUR loan, let’s take a few minutes and do the numbers. But you have to call me personally to work with me. I want to work with you. Call me after the show at (615) 924-6215 or connect with me at www.TNRDHomeLoans.com or call us while I am on the air July 30th, 2016 at (901) 535-9732 or (800) 474-9732.
(Jo) The people getting the best deal on a mortgage right now, are those customers who are refinancing and shortening the term on their mortgage and lowering the rate at the same time and the payment stays the same. Wow! Others are dropping the rate and saving quite a bit on the monthly payment. Some of them are refinancing their mortgages and pulling cash out to pay off higher interest rate debt.
The home purchase market has exploded and moving very fast. The market is good for sellers because they can sell their homes much faster. The market is good for buyers because they can lock in fixed rates around the 3’s and enjoy low mortgage payments for the life of the loan if they keep the house.
Jeri, we are going to cover the top 5 ways to improve and maintain a good credit score in the next segment of our show. But let’s give you a chance to share a little wisdom about an important and sometimes expensive item in our homes—our carpet.
______________________________________________________
QUESTIONS ANSWERED BY Jeri Jeffries :
⦁ What are the top five ways for homeowners to clean and maintain their carpets?
⦁ Place runners in high traffic areas
⦁ Use door mats to wipe your feet when you come in from outside
⦁ Take your shoes off in the house and wear house shoes
⦁ Vacuum often
⦁ Call Tiger Paws Carpet and Upholstery Cleaning and get on a scheduled carpet maintenance plan.
⦁ What sets Tiger Paws Carpet and Upholstery Cleaning apart from some other carpet cleaning companies?
3. Talk about your guarantee to do the full job under the amount quoted without increasing the final billing amount.
4. Let’s hear from your managing technician, Derrick Smith. His story was an inspiration to me and I wanted him to share it with our listens to encourage anyone who has been dealt a bad situation making it appear that they will never be able to rise above it. But after hearing Derrick’s story you will realize you can rise above negative circumstances if you decide every day to do so.
5. What NOT to do with your floors and carpets

___________________________________________________________
QUESTIONS ANSWERED BY JO GARNER:
⦁ What are some of the reminders and warnings you give to your clients before they start spending lots of time and money in the loan process?
JO’S IMPORTANT DO’S AND DON’TS FOR SMOOTHER LOAN PROCESSING

⦁ It is vitally important that you do not change anything on your asset statements after Jo has reviewed your bank statements. Any decrease in your assets or ANY large Deposit has to be sourced and proven. There is a possibility that it could make or break your deal or cause a delay in your closing.

⦁ If you are legally married, and buying or refinancing a primary residence, even if your spouse is not on the loan nor on the title, your spouse will be required to sign a few key documents to keep your title clean under the state law. Change in marital status could cause problems on title.

⦁ When it comes time to provide bank statements or any asset account, or tax return, it is necessary to provide ALL pages of the statement, even if it is a blank page. On asset account statements, make sure the name of the bank, your name and at least part of the account number appears on any bank documentation you submit to us.
⦁ Please do not make any changes to your income or manner of payment from income from your business or employment. When it is time to send tax returns, please send ALL pages including any K-1s if applicable. Even if your income is increasing, under current loan guidelines some methods of income payment are not allowed to be counted as qualifying income so it is important to let your loan officer know of upcoming changes right away to make sure the type payment of income is acceptable for loan qualification purposes. If you own 25% or more of a business, please send all pages of the business tax returns for the past 2 years also.
⦁ Do not open any new credit accounts (and especially not a 12-months-same-as-cash account.) Do not add balances to any existing credit accounts. Do not apply for any new credit during the loan process. Do not make any changes on your credit status.
⦁ Make sure that you keep your accounts paid current during the loan process. Even though you are planning to pay off an account at closing, please do not allow this account or any others, including any mortgages, to go 30 days late even if the closing the delayed. (This could cause your credit scores to drop right before closing and jeopardize your loan approval.)
⦁ Use funds for closing DIRECTLY from the account where we have verified your funds. If funds come from a different account, it can delay or jeopardize your closing . Also do not move money from the account where funds were verified to another account to access for closing. Funds must come DIRECTLY from the account where funds were verified and not moved to a different account for any reason. Earnest money must come from the account that you will be fully documenting.
⦁ REMEMBER, AT CLOSING THE FUNDS WILL NEED TO BE IN THE FORM OF A CASHIER’S CHECK AND/OR WIRE PAYABLE TO THE CLOSING AGENT. You will need 2 forms of ID at closing including drivers license. All borrowers and interested parties will need this documentation at closing.
⦁ If you are on any of the accounts we are verifying with another person, you will need to get a short letter, dated and signed by the other person identifying the account and stating that you have full access to the funds.
⦁ If there will be a full appraisal on the property you are financing, please inspect the subject property for repairs that may be required prior to closing by the appraiser. Some common required repairs are leaky roof, rotted wood, peeling paint, torn flooring, broken tile, non-functional plumbing, electrical or HVAC systems, drainage problems, holes in sheetrock, broken windows, foundational problems, termite damage, hazardous waste on property, etc.
If the property is in a flood zone, flood insurance will be required. Appraisal values are determined by the assigned appraiser. Comparable property sales over the last 6 months to a year on houses like the subject property in the subject property neighborhood are used to determine the official value used by the mortgage company. Government guidelines require the mortgage company to order an appraisal and have the appraiser to be assigned to the property by a third-party, government approved order agency separate from the mortgage company.
The mortgage company must order the appraisal from the approved agency. Appraisals from other mortgage companies and appraisals ordered by anyone else, are not qualified to be used under current loan regulations.
Appraisal fees are not refundable.
⦁ If you are refinancing your home, please make sure the home has not been listed for sale on the market within the last 6 months.

⦁ What are the top five steps for improving credit scores?
⦁ Make payments on your existing credit on time, never going over 30 days late. Don’t be like one of my nightmare clients a few years ago who promised us he would have the money to close even though it was not in his bank account. He assured us it was coming from his paycheck and we could easily verify plenty of funds by the first of the following month. It was the first week of the following month-only a few days away from closing and his old credit report had expired. We pulled an updated credit report and discovered
the source of his extra funds—he just didn’t make the payments on any of his bills and assumed he could use this money to pay down on his new home. Wrong! By letting his bills go over 30 days late that last month, it dropped his credit scores by over 100 points and he no longer qualified for the mortgage to purchase his home. Make sure you pay your bills on time every month.

⦁ Keep your revolving account owed balances UNDER 30% of the total credit limit. Revolving credit is open ended credit lines like credit cards. Revolving credit activity makes up 35% of your credit score. Many times if a mortgage client needs 15 or 20 points added quickly to their scores, I will suggest they try paying down the revolving accounts to under 30% of the total credit limit. As soon as the lower balance owed is reported it can many times add 10, 20 or even 30 points to a borrowers score. Whatever you do, DO NOT get a 12 months -same as- cash account. These appear to the credit scoring computers like maxed out revolving accounts and send your score down in the tank.

My older customers grew up with credit in the 70’s and 80’s and were taught that the higher credit balances you carried, the better your scores. NOT TRUE TODAY! In fact, if you owe over 50% of your total credit limit on a revolving account, today’s credit scoring algorithms will cause your credit scores to go down by 10,20, or 30 points or more. Not a good thing.
⦁ Leave really old collection accounts alone if they creditor has not been recently reporting the collection to the bureaus. If they are a few years old, they probably aren’t negatively affecting your credit scores anyway. It seems counter intuitive for it to work that way, but once you pay off an old collection account and it is reported paid, it’s computer numerical code identifying it as a derogatory account type doesn’t change and the credit scoring software reads your paid off collection account as a recent derogatory account taking your scores down temporarily. After several weeks your scores should look better though because you don’t show an UNPAID collection but at first paying off a collection account can send your scores down which is what you DON’T want when you are trying to buy a home or refinance one. You can pay these old collections off after you have purchased the home.
⦁ If you do not have a credit score due to having no credit or if you are trying to offset some negative credit accounts, you may want to open a small secured account and keep the balance owed between $12 dollars and $20 dollars each month. In order to keep such a tight control on the balance owed like that some of my customers just use the secured credit card account by buying $12 to $19 dollars in gas for the car each month. That way they can control keeping the balance strategically in those margins. You’re just playing a game with the computer scoring system.
⦁ The important way to maintain your credit is to get a free report (without the credit score) each year from a place like ⦁ www.annualcreditreport.com Just look over the activity and make sure it is correct and that your revolving account balances are comfortably under 30% of the total credit limit. Check for any derogatory reporting. Since identity theft is one of the most wide spread white-collar crimes, it is probably a good idea to sign up for a service that alerts you if someone is trying to use your social security number

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 Talk Shoppe advertiser Kevin Yee of Save Energy Solutions. Kevin is a financial supporter of Talk Shoppe, offering free education and networking to the business community. Thank you, Kevin. Kevin Yee also cleans and seals your home’s ducts giving the homeowner good quality air to breath which makes the home healthier, especially for people who suffer with allergies and he has helped homeowners save significantly on their utility bills. Kevin offers free in-home evaluations to determine if YOUR home is eligible for some free money from TVA to help fund energy-efficient improvements, putting real money in the homebuyer and homeowner’s pocket. Kevin Yee of Save Energy Solutions, what is our Talk Shoppe Business Tip for Real Estate Professionals today?
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 August 3rd, 2016, Talk Shoppe presents: “Making Flooring Purchases & How To Maintain Your Flooring Investment” with Gwen Christensen of Builders Floors and Interiors and Jeri Jeffries of Tiger Paws Carpet and Upholstery.
Talk Shoppe events are free thanks to sponsors/advertisers/supporters like [name of promoted person and their company name and contact info and short promo for them] Talk Shoppe’s web master and branding consultant, Kim Hummel, Creative Director of Sauce Marketing of Memphis . www.saucememphis.com Throw a little sauce into your marketing with Kim. Thank you to Talk Shoppe’s newest financial supporter, Dr. Dale and Lee Ann Foster-Neuroscientists They can help you train your brain to overcome memory loss, brain injury, pain, ADHD, anxiety, depression and pain. www.MemphisNeurofeedback.com .

4. FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
5. Real Estate Mortgage Shoppe reminds you that IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
QUOTE CORNER:
Anonymous : “My house was clean. The the kids woke up. The end.”
Anonymous: “Behind every good marriage is a great house cleaning service.”
____________________________________________________________________________________
REJOINERS:
⦁ Sherry Fincher, VP Branch Manager Evolve Bank & Trust
⦁ Shoppingway Blvd. West Memphis, Ar 72301 870-735-6100
⦁ Mark Cardona, Environeeds ⦁ www.environeeds.com (mold home evaluations)
⦁ Mary Lou Nowak, Home Helpers (901) 414-9696 http://www.midsouthhomehelpers.com/ Non-medical assistance allowing your loved ones to live safely and comfortably in their home.
Transitional Music: “Splish Splash”  Bobby Darin; Meghan Trainor “All About That Bass” parody “I Just Can’t Clean This Place” ; “I Will Survive” parody song; Talk Shoppe Business Tip for Real Estate Pros  “Taking Care of Business” fade when lyrics start

Derrick Smith, carpet cleaning technician supervisor with Tiger Paws Carpet and Upholstery Cleaning
________________________________________________________________________
ABOUT KEVIN YEE, SAVE ENERGY SOLUTIONS

Save  Energy Solutions, LLC
Kevin Yee founded Save Energy Solutions (SES) in 2007 in search of ways to reduce energy usage for home owners.   Before this, he spent over 15+ years as a Professional Engineer  in various engineering titles:  Industrial Eng’r, Packaging Eng’r, Manufacturing Eng’r, & Plant Engineering in the Commercial Industry.  With his technical background,  He easily crossed over to the study of Building Science and Home Performance Industry.   As of June 2012, he passed the TN State HVAC exam and registered as a TN Licensed  HVAC Contractor #65878.

Committed to continuous knowledge in the HVAC industry, he contracted with many HVAC business and Home Performance companies. He obtain National Certification as a Certified Professional from BPI (Building Performance Institute, Inc.) and a Certified Quality Contractor from TVA EnergyRight Solutions.  Instead of improving “efficiency / quality in PLANTS”, he now working on improving “efficiency / comfort / safety in HOMES”.   

He did extensive research, taking many Building Science classes /seminars and on-hands training from various national organizations.
Today, he openly share his knowledge and uses his experiences to improve many homes Indoor Air Quality in the Mid-South.  Many customers’ breathing problems has made dramatic improvements.  NOTE: Many homes that has insulations made of Rock Wool, caused noses bleed and headaches.   After we sealed their duct system, they do not have this  problem.

Full Service Duct Cleaning Company:  Full Contact (brush & vacuum) and Negative Cleaning Process (high pressure air hose & Vacuum).

Full Service Duct Sealing Specialist.  All locations:  Attic, Basement, Crawlspace, Underground, Behind Wall.

Home Air Sealing:  Home Envelope Structure: Top Plate, Recess Light, Plumbing Pipe, Electrical / Video hose, drop ceiling, open cavity.

Specialized Service Training:
——————————————
Air-Care – Factory Trained and Certified (Residential and Commercial Duct Cleaning)
Aeroseal – Factory Training & Certified (Residential Duct Sealing) 
BPI – Home Performance Home Audit & Envelope Professional Certification 
TN HVAC Contractor License – CMC-C Mechanical HVAC / Refrigeration 
Efficiency First – home performance training webinars on today’s industry changes 
Building Performance Institute (BPI) training webinars on home performance changes  
TVA – Home Performance QCN Training , Heat Pump Training, Weatherization Training
Ruud Refrigerant 410A Course 
Career Training Institute – 2007 HVAC Graduate: (RSES Approved) 
Zerodraft – Air Barrier Sealant and Weatherization Seminar and Training program 
EWC – Zoning Technology Training Class  
Flir Preventative Maintenance Seminar (Thermography Training)
Mainstream 608 Universal Refrigeration Certification license 
AHR Dallas Expo – Building Science Classes 
ACCA Fundamentals Load Calculation & Certification 
ACI New England Conference – Building Science Classes 

Kevin has a strong knowledge of the “whole-house approach” from attending seminars and classes as well as hands-on experience in many homes, helping home owners improve their indoor air quality and save money on their utility bills.   See our Test Result Page and read the customer’s comments (top right of each sheet).

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

__________________________________________________________________
ABOUT JO GARNER-MORTGAGE LOAN OFFICER:

www.TNRDHomeLoans.com (901) 482 0354 This email address is being protected from spambots. You need JavaScript enabled to view it. 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.”
McKenzie Mortgage RD Loans 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.
McKenzie Mortgage RD Loans 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, McKenzie Mortgage RD Loans  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.TNRDHomeLoans.com