When the Wind Is Blustering From Different Directions-Ways To Stabilize Your Debt and Your Mortgage

Written by Posted On Monday, 28 June 2021 00:00

“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.”  Jimmy Dean

Listening to the financial news during the day sometimes reminds me of being out in a sailboat when storms are approaching.   You have to pay attention, with one hand on the tiller and the other ready to adjust the sail to ensure you don’t end up being blown into the drink. 

The Federal Reserve has been buying billions of dollars in mortgage-backed securities.  This committed action by the Fed has been artificially keeping mortgage rates low.  The Fed has hinted that they may taper off on this activity sooner rather than later, which would pressure mortgage rates higher. No one knows when the winds will turn, though.   Currently, rates are still hanging around the 2’s and 3’s, generally speaking. 

No matter which way the wind is blowing, most financial gurus tout in their publications and podcasts that increasing your income or reducing your debt or both will build a stable infrastructure financially. Thanks to a perfect storm, we now have insanely low mortgage rates and an unprecedented rise in home values.  

How are some of my savvy mortgage clients handling their boats in the windstorm?

1. Reduce debt at a cheaper, stable, fixed interest rate.  

“Money’s cheap. You might as well borrow it,” said Dessie Danforth (not her real name.)  Dessie explored a couple of refinance options to reduce the interest rate she was paying on her mortgage and lower the interest cost on other debt by rolling the other debt into her new mortgage.  This refinance scenario saved Dessie several hundred dollars per month in overall debt that she committed to using to make extra payments to get rid of all of her debt sooner. 

2. Buy a house. Start building personal wealth. 

Byron’s lease was about to expire on the apartment, and his neighbors had already told him to get ready for a hefty rent increase.  
“Not this time,” Byron vowed.   He got his real estate team of professionals together to get preapproved for the mortgage to give him the terms he wanted.   His realtor worked with him, and we put together some winning strategies so his home purchase offer would sail on through to acceptance

3. Use a cash-out refinance to upgrade and modify the home.

The Franklin’s decided it would save a lot of money to bring her mother home to live with them.  The cash out to a low fixed-rate mortgage gave them the funds they needed to modify the home so her mother and the Franklins could live together but enjoy the privacy of their own space.  

 

Some of the best clients we can have as real estate professionals are those clients who know what they want and why they want it.  These customers have consulted with their financial advisors, and they have a vision for the life they want to achieve. 

When we asked the right questions, these clients tell us what we need to know. We can use our knowledge and resources to help them get the house and the financing terms that will put them on course to the life they want.

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Jo Garner

 NMLS# 757308 (currently working with Sierra Pacific Mortgage, Inc Cordova, TN  NMLS # 1788 An Equal Housing Lender)

“Whatever YOUR  personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on  hitting your goals .”

As a mortgage loan officer, 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 you find 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 need to get the house you 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.”

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 25 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 25 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

Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com.

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Pick up her book “Choosing the Best Mortgage-The Quickest Way to the Life You Want on Amazon.com and BarnesandNoble.com .

www.JoGarner.com

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