Mortgage rates NOT tied to the Fed. Mortgage rates are moving so erratically because of lack of liquidity inthe market .

• Four ways to take advantage of themortgage market this spring

Buying a home. For buyers you mayfind less competition in some areas when you make your offer to a homeseller. Other areas are still verycompetitive. Also, mortgage rates arevery low. If you are buying a home and can get a fixed rate, long term mortgage,you can enjoy that low fixed rate with the lower payment for the life of theloan.

Refinance-

-Lower the rate and payment—have more cash freed up each month

-Lower rate and shorten term of your mortgage —-BIG BRAGGING RIGHTS

• Mortgage forecast for 2020

The financial gurus on some of my news feeds are forecasting thatmortgage rates will remain fairly low for 2020

Credit restrictions are tightening, requiring higher credit scores. Otherrestrictions on certain mortgage products are getting tighter too, mostly dueto the low supply of mortgage funds to lend vs high demand

Mortgage underwriting software has been reprogrammed recently to allowfor many more real estate purchase loans and refinance loans to be approvedwithout an appraisal. This is on strongborrowers and a property that has an estimated value on the loan applicationthat is comfortably within the values in big databanks for the area.

• What steps do I take if I have lost my jobdue to the Coronavirus pandemic and can’t make my mortgage payment?

1. Contact your mortgageservicer. If you cannot reach yourmortgage servicer by phone due to the high volume of calls, get on theirwebsite and email the Loss Mitigation Department. Identify yourself, your loan number andproperty address. Make sure your writtencommunication clearly states the reason for your loss of income, andthat you are requesting a forbearance on your mortgage payments.

Continue yourattempts to reach your mortgage company to talk with someone that can assistyou with your options for working out a plan on your mortgage payments. Keep a written record detailing theconversations and other communication with your mortgage company

• Mortgage companies around the country havefunded a HOPE HELP LINE with counselors available to talk with you on steps totake when you are unable to make your mortgage payment. The phone number forthis help line is (888) 995-HOPE. Butremember, that calling this help line does not eliminate the requirement foryou talk with your mortgage company.

I have hadclients to call me over the last week. One client reported that, when she could not reach her mortgage companydue to high volume, the counselors on the HOPE HELP LINE helped her get amortgage forbearance underway. She willcontinue to reach out to her mortgage company.

• What common supporting documents arerequired by most traditional mortgage programs?

Every loan programdoesn’t require the same supporting documents. But here are some common requirements.

ALL PAGES of the last 2years tax returns. (If you don’t havethem, I can help you get them without too much time and trouble)

Last 2 years W2s and/or1099s

Latest paystub

ALL PAGES of your last1 month bank statement and/or other asset account statements. If you show largedeposits on your bank accounts other than payroll, ask me about a quick andeasy way to get the source of those deposits verified. I can help you.

Drivers license

And there are a fewmore or less documents, depending on which loan program you use.

3. Sharea few of the DO’s and DON’Ts that you share with your clients working theirmortgages through you. (Forewarned is forearmed.) There are just certain things you DON’T do. You DON’T try to board thecruise ship sailing to foreign ports without your passport. You DO pack warm weather clothes if you aresailing in Alaska and do bring your credit card– and your camera too.

You DO arrive with your documents ONTIME so the ship doesn’t leave without you.

Right now while some real estate, titlecompany and mortgage offices have their teams working separately at home andwith mortgage rates moving up and down, it is more important than ever to getyour income and asset documents and other supporting documents required by yourlender scanned over to the lender right away. If you wait about signing the mortgage disclosures requiring yoursignature, or if you put off for another day or so getting needed documents toyour lender, this could cause you trouble down the road. Make it a priority to get to your lender,your realtor or title company the information they need right away

Here are a few highlights from the Do’sand Don’ts my personal team and I put together exclusively for my clients:

1. It is vitally important that you do not change anything on your assetstatements after Jo has reviewed your bank statements. Any decrease in your assets or ANY largeDeposit has to be sourced and proven. There is a possibility that it could make or break your deal or cause adelay in your closing. Cash is usually very difficult or sometimes impossibleto properly document the source, so please do not deposit cash in your accountand please do not use cash as gift funds. Please make sure that any deposits on your last 60 days bank statementsthrough the day of closing have a proper and complete paper trail verifying thesource. Unsecured borrowed funds can beproblematic in instances like use of a credit card or other loan.

• If you are legally married, and buying or refinancing a primaryresidence, even if your spouse is not on the loan nor on the title, your spousewill be required to sign a few key documents to keep your title clean under thestate law. Change in marital statuscould cause problems on title.

• When it comes time to provide bank statements or any asset account, ortax return, it is necessary to provide ALL pages of the statement, even if itis a blank page. On asset account statements, make sure thename of the bank, your name and at least part of the account number appears onany bank documentation you submit to us. Tip: When you are paying for theappraisal or the earnest money or anything before closing, it is quicker andsmoother to verify those funds if they are coming DIRECTLY from the accountwith ample balance that we need and not any large deposits other than payrollthat need to have the source verified. (For example: if checking or savings account #A has enough balance forqualifying and it doesn’t have a large deposit that’s source cannot be properlydocumented, then use that account for everything pertaining to your loan.)
• Please do not make any changes to your income or manner of payment fromincome from your business or employment. When it is time to send tax returns, please send ALL pages including anyK-1s if applicable. Even if your incomeis increasing, under current loan guidelines some methods of income payment arenot allowed to be counted as qualifying income so it is important to let yourloan officer know of upcoming changes right away to make sure the type paymentof income is acceptable for loan qualification purposes. If you own 25% or more of a business, pleasesend all pages of the business tax returns for the past 2 years also.
• Do not open any new credit accounts (and especially not a12-months-same-as-cash account.) Do not add balances to any existing creditaccounts. Do not apply for any newcredit during the loan process. Do not make any changes on your creditstatus.
• Use funds for closing DIRECTLY from the account where we have verifiedyour funds. If funds come from adifferent account, it can delay or jeopardize your closing . Also do not move money from the account where funds wereverified to another account to access for closing. Funds must come DIRECTLY from the accountwhere funds were verified and not moved to a different account for any reason.
• 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 toclosing by the appraiser. Some commonrequired repairs are leaky roof, rotted wood, peeling paint, torn flooring,broken tile, non-functional plumbing, electrical or HVAC systems, drainageproblems, holes in sheetrock, broken windows, foundational problems, termitedamage, hazardous waste on property, etc. If the property is in aflood zone, flood insurance will be required. Appraisal values are determinedby the assigned appraiser. Comparableproperty sales over the last 6 months to a year on houses like the subjectproperty in the subject property neighborhood are used to determine theofficial value used by the mortgage company. Government guidelines require the mortgage company to order an appraisaland 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 theappraisal from the approved agency. Appraisals from other mortgage companies and appraisals ordered byanyone else, are not qualified to be used under current loan regulations.
• If you are refinancing your home, please make sure the home has not beenlisted for sale on the market within the last 6 months.

4^th segment REALESTATE TIP OF THE WEEK (Michael Brooks, national renovation and repair lendingmanager with Sierra Pacific Mortgage shares a real estate related money-saving ortime-saving tip):

ANNOUNCEMENTS:

Talk Shoppe offers freenetworking & education to anyone interested in real estate or in business.Talk Shoppe meets every Wednesday 9A-10A CT online in our virtual meeting room.Go to www.TalkShoppe.com and click theUpcoming Events tab and click on the meeting website. ThisWednesday April 8^th, 2020 Talk Shoppe presents: “April8, 2020 “The New Era of Vocational Tech Classes in Tennessee,” DonGlays, President of the TN Builders Education Foundation, hbtn.org

Talk Shoppe events arefree thanks to supporters like Tim Gilliland of www.BackupRX.com When you need to recover lost data on yourcomputer, you will feel very thankful when you call Tim at BackupRX and simplydownload all your data and system files immediately when you need it. Contact BackupRX about getting your dataautomatically backed-up at www.BackupRX.com

Thank you to Maria Popa,financial planner and investment advisor with Strategic Financial Partners, foryour financial support to offer Talk Shoppe’s free networking and education toour community. To put YOUR financialplan and investment strategy together call Maria Popa at (901) 260-6431

2. During the Coronavirus situation, please callor text to check on your neighbors and friends. Donate to help those in need.Let’s do whatever we can to support those on the front lines. Victory is ours!

4. Subscribe at www.TNRDHomeLoans.com and you can get our weeklyblog posts with podcasts conveniently in your inbox.

5. RealEstate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.

SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL,LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ONANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THEINFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANTFOR GENERAL EDUCATIONAL PURPOSES ONLY. ALL EXAMPLES GIVEN FOR ILLUSTRATIONPURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WEUSE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILSIN ANY OF THE SITUATIONS.

QUOTE CORNER:

Ricky Skaggs “I can’t control the wind but I canadjust the sail.”

Pinterest- “We travel not to escape life, but for lifenot to escape us.”

Transitional Music: “Come Sail Away” by Styxx; “Build a Boat” by JimmyBuffet; “I’m Your Captain” by Grand Funk Railroad; “Taking Care of Business” byBTO for the Talk Shoppe Business Tip For Real Estate Pros

____________________________________________________________________________________

REJOINDERS:

1. Miranda Griffin, owner of www.HealthyMidSouth.comMiranda Griffin has very simple, easy-to-usemethods to keep you on a healthy routine.
2. Troy and Lynn McDonald of Erin McDonaldInsurance Agency Bartlett, TN. CallLynn for your property and auto insurance and your life insurance too (901) 849-7101
3. EricEurich, Kaizen Award-Winning business coach with Focal Point Business Coaching This email address is being protected from spambots. You need JavaScript enabled to view it.">This email address is being protected from spambots. You need JavaScript enabled to view it.

________________________________________________________________________

ABOUT PAT GOLDSTEIN,REALTOR WITH CRYE-LEIKE REALTORS

“THE GOLD STANDARD IN REALESTATE”

Crye-Leike Realtors

For buying or sellingresidential real estate

For West TN and NorthMississippi

(901) 606-2000

ABOUT TOM KING:

Tom is a well- respected and sought after appraiser inMemphis, Tennessee. He is a second generation appraiser with 40years of experience. He has been elected to the Memphis Area Associationof Realtors Board of Directors three times.

Tomis a certified residential appraiser in Tennessee. Hehave appraised over 20,000 homes in his career. A graduate from theUniversity of Tennessee with a degree in real estate, Tom is also a CertifiedRelocation Professional (CRP). Tom also has vast experience in dealingappraising real estate for pre-listing sales, cash buyers, divorce settlements,estate settlements. (901) 487-6989

ABOUT JO GARNER-MORTGAGE LOAN OFFICER:

WHAT DO YOU WANT TO ACCOMPLISHWITH YOUR MORTGAGE?

www.TNRDHomeLoans.com (901)482 0354 This email address is being protected from spambots. You need JavaScript enabled to view it. twitter @jogarner NMLS# 757308 (currently working with SierraPacific Mortgage, Inc)

“Whatever YOUR personal priorities are, my job is to help youget the mortgage terms that will give you bragging rights when you talk aboutit and help you score on hitting yourgoals .”

As a mortgage loanofficer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help youfind the financing terms that will help you get to what you want. What is your comfort level on a house payment?How much are you comfortable paying down,? What type of financing do you needto get the house you want to buy or refinance?

Different clients have different priorities inlife—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 along term goal of buying properties to build rental income.”

TNRDHomeLoans is a mortgage officer with extensive knowledge in tailoring mortgages toher customers who are refinancing or purchasing homes all over thecountry. 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 torefinance, how to get the best deal on your home purchase financing.

McKenzie Mortgage RD Loans has beenin the real estate/financing business for over 25 years. She got herstart in Portland, Maine where she first began her real estate career. Shereceived 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 andThe Challenge.

On moving back to West Tennessee in 1987, she went intobusiness buying and selling discounted owner-financed notes secured on realestate. In 1990 Jo went to work for a residential mortgage company andhas been a mortgage loan officer for over 25 years. Her goal is to offerexcellent, affordable service to her customers, tailoring theloan programs to the specific needs of her clients.

In addition to her work in the mortgagefield, McKenzie Mortgage RD Loans is the primary sponsor and founderof Talk Shoppe in Memphis. www.TalkShoppe.com TNRDHomeLoans also host the radio show Real Estate Mortgage Shoppe airing on NewsRadio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.TNRDHomeLoans.com

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