Affordability Crisis or Opportunity Window? Lending and Appraisal Experts’ Behind the Scenes View

 

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“Affordability Crisis or Opportunity Window? Lending and Appraisal Experts’ Behind the Scenes View

(1^st segment 12 minutes )

Here are some ways YOU can turn an affordability crisis into a window of opportunity. 

 

#JoGarner #MortgageExpert #loanofficer 901 482-0354

#AllenMcCool #StephensonandAssociates appraisers 901 550-2100

Featuring #StephanieJonesBourland Evernest Property Management #memphispropertymanagement 901-660-2812

Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner. Com

#mortgageloan #propertymanagement #memphisappraisal #realtor #homebuyer memphisrefinance

 

 

LET’S GET STARTED…(Jo) (Good morning, Memphis!  Welcome to our internet listeners and podcast listeners across the 50 states! . You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator.  You can connect with me at www.JoGarner.com. Our topic today December 13^th 2025 is: “Affordability Crisis or Opportunity Window? Lending and Appraisal Experts’ Behind the Scenes View.” Thank you to attorneys Shelley Rothman and Rob Draughon of Griffin, Clift Everton and Maschmeyer Law Firm for sponsoring this episode.  When you are ready to buy a home or refinance one, call Rob and Shelley for the title work and closing. 901 752-1133. 

Introducing Allen McCool, Appraiser with Stephenson & Associates 

(Jo) Back in the studio we have expert real estate appraiser, Allen McCool of Stephenson and Associates.   Allen you have several years experience appraising homes in the MidSouth. You have been appraising real estate at Stephenson and Associates since January 1992.    Take a moment and tell our listeners a little bit about yourself and the type of appraisal services you offer your clients.  (Allen has about 1.5 minutes to intro himself and talk about the different type appraisal services he offers his clients)

“Walt Disney and the Lost Oswald”

(Jo) Is the situation you are facing really a crisis, or is it an opportunity for something greater?

Back in the 1920s, Walt Disney was riding high with his popular cartoon character, Oswald the Lucky Rabbit. Things were finally looking good for him—steady work, a growing studio, and a character audiences loved. But on a trip to New York, Disney got blindsided. His distributor informed him that they owned the rights to Oswald, not Disney… and they had secretly hired away most of his animators. Overnight, Walt Disney lost almost everything he had built.

But instead of letting the crisis break him, he pulled out a sketch pad. If they took Oswald, he would create something new—something better. During that train ride, he drew a cheerful little mouse with big round ears. That mouse became Mickey.That crisis became the foundation of a global entertainment empire. Disney later said, “All the adversity I’ve had in my life has strengthened me… You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you.” 

What If I Can’t AFFORD to Buy a Home? 

Number one: If you can’t afford it, don’t buy yet.   Let’s look at your credit and your income-to-debt ratios.   We can find little tweaks to your expenses that will give you more room to afford a house note without taking away the joy of living. 

Number two: If you are not staying in the area.  If you are not planning to live in the geographical area more than a year or two.    

What Steps Can I Take Today  to Afford a Home Tomorrow? 

Even if you are going to use a down payment assistance program and may not need to pay a lot of money down on a house, accumulating a good emergency fund in savings that can carry you through unexpected rainy days—this can give you the extra confidence you need to step out and buy a home. 

Let’s make a few changes that will help you get your credit scores as high as possible.  The higher your credit scores, the lower your borrowing costs. Did you know that if you show that you never utilize more than 25% of the credit limit on a credit card, this can move your credit scores quickly—assuming you make the payments on time.   There are several tweaks you can make with credit to win a higher credit score.  

Formulate in your mind and write down what you really want to have with the house you are going buy, and what you DON’T want too. You will save yourself and your realtor a lot of time and you will have more confidence in your decisions if you already know the items you MUST HAVE in the house you are purchasing and the items you DO NOT WANT.

If you can afford a home that will work for you today—even if it is not the dream home you will one day buy,   consider buying the home you can afford today.    

Once buy the house, you don’t have to worry about prices going up. You already own the home.  If rates move down enough, you can always refinance and get a lower rate later.  

When is the best time to refinance my mortgage?

The best time to refinance your mortgage is when it makes sense.   Today the most popular reasons people are refinancing is to roll in credit card debt with accumulating 20+ percent interest costs.    If the life situation that caused you to rack up the debt on those expensive credit cards is now resolved and you don’t have to keep borrowing on the credit cards, then consider a refinance to roll those balances into one mortgage  so that you are paying somewhere in the 5’s or 6’s on your debt instead of 20 to 29% interest.   

The customers I see doing this type of refinance are those that don’t owe a lot on the house where they live.   The mortgage is about 30% or less of the total value of the home.  These are customers that have $15K to $50k or more in debt with double digit interest rates.   Now, they may need to pay off their first mortgage and replace it with a refinance mortgage at a higher rate than the old first mortgage. But, once you roll in the 20+ percent debt, you are saving more in overall interest than you were paying. If you can, take a few hundred dollars per month that you save by refinancing and start pay your mortgage off early .  That will reduce some interest costs too.  

(Jo)  Allen McCool, appraiser with Stephenson and Associates, is it an affordability crisis or an opportunity or both?  What are your thoughts on this topic?   Allen has until 30 secs before the end of  this 1^st segment)

OUTRO: You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. What do YOU want to accomplish with YOUR mortgage?  I can make the mortgage process EASY for you with the right mortgage. Connect with me at JoGarner.com   When we come back, we will be hearing more from real estate appraiser Allen McCool of Stephenson & Associates.  Stephanie Jones Bourland of Evernest Property Management will be joining us too. Stay tuned.     

 

 

 

 

 

2nd segment is after first  break  8 minutes 50 seconds 

 

( Waaka Waaka song in background ) COMIC QUERIES (you probably already know the answer, but we will ask anyway 

(Jo) What is the cure for borrower amnesia on a loan application ?    

When asked on a mortgage application about  IRS liens or child support obligations, some borrowers develop a sudden case of amnesia.   What is the best cure for this ailment?   …

Answer: The credit report    As soon as you mention that you are about to pull a credit report, these borrowers, like   a flash of lightening struck them, will instantly remember the IRS liens that have never let them sleep and they will magically remember children they support from a former marriage.          (I love my mortgage customers. Having amnesia is ok as long as your memory is restored before we run the underwriting software)  

_______________________________________________________________________________________

Today on Real Estate Mortgage Shoppe, we are talking about “Affordability Crisis or Opportunity Window? Lending and Appraisal Experts’ Behind the Scenes View.”

 

 

I’m your host,  Jo Garner, Mortgage Loan Originator . For your home purchase or a mortgage refinance you can brag about,.   I want to hear your story.  We can find the right mortgage product and make the mortgage process EASY.  Connect with me at JoGarner.com

Real estate appraiser Allen McCool of Stephenson & Associates is our co-host.  Allen what is the best way to reach you?  901 763-2100

We welcome Stephanie Jones Bourland of Evernest Property Management for the first time in the Real Estate Mortgage Shoppe studio. You can contact Stephanie at 901 

TALK SHOPPE BUSINESS TIP 

We thank you Stephanie Jones Bourland for your generous contributions to our local real estate community or business community too with your sponsor of Talk Shoppe.  Talk Shoppe offers free networking and education to our local business community and real estate community.  If you join the Talk Shoppe Sponsor team, you can get a wide variety of marketing venues at a below-market price.  www.TalkShoppe.com 

Stephanie Jones Bourland you offer so many solutions to real estate investors by managing their properties for them.  You are also a great solution for someone who needs to rent their former residence out for a while until they get settled with their life or their career.    Stephanie Jones Bourland of Evernest Property Management, what is our Talk Shoppe tip today? 

 

Stephanie  offers a tip to listeners from the Property Management industry 

Tip: Tenant placement 

One of the the biggest expenses you can face as a landlord is a bad tenant. Thorough tenant screening  is one of the most important steps in protecting an owner’s investment.

 

The right tenant can mean on-time rent, respectful care of the property, and a smooth, low-stress experience for everyone involved. The wrong tenant, on the other hand, can quickly lead to late payments, property damage, lease violations, and costly turnover or eviction.

 

Thorough screening helps us verify income, review credit and rental history, and confirm past behavior so we’re not relying on guesswork or first impressions. It’s about reducing risk before keys are ever handed over. Once a tenant is in place, fixing a bad decision is far more expensive and time-consuming than taking the extra time upfront.

 

At the end of the day, strong tenant screening protects cash flow, preserves the condition of the home, and creates a more stable tenancy — which is exactly what most property owners want: fewer surprises and better long-term results.

 

 

(901) 747-8307

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TOPICS COVERED BY ALLEN MCCOOL OF STEPHENSON & ASSOCIATES 

In preparing to enter the real estate market, whether you are buying selling, or refinancing, it’s a good idea to understand the perspective of your fellow market participants.

 

If you are a buyer, understand that sellers tend to latch on to the memory of the most recent boom, which occurred in in 2020 to 2022.

 

U.S. home prices climbed more than 30% between the first quarter of 2020 and the first quarter of 2022. Nationally, house prices hit a peak annual increase of 19.3% in July 2021. Multiple offers were the norm.

 

If you are a seller, understand that buyers latch on to the memory low interest rates.

 

In response to the pandemic, the Fed pushed interest rates to historic lows, bottoming out in January, 2021.

 

Knowing the perspectives of market participants, whether they are across the negotiating table or competing for your place at the table, will give you a leg-up in finding the right deal for you.

 

If you’re a seller, evaluate your expected proceeds based upon current supply and demand market forces as evidenced by current sales and listings, in consultation with a knowledgeable Realtor or appraiser.

 

If you’re a buyer, evaluate your purchasing power with current interest rates, in consultation with a professional lending advisor like Jo Garner.

 

 

 

 

3^RD SEGMENT 12 minutes

 

 

 

• The Peabody Hotel — Saved After Sitting Vacant and Crumbling
• 
• Crisis:

• 
  By the mid-1970s, the well-known building in Memphis had deteriorated and eventually closed in 1973. Many assumed the once-iconic building would be demolished. It had lost its luster, tourism dollars were low, and downtown Memphis was in decline.
• Just-in-Time Solution:
  Memphis businessman Jack Belz stepped in when nearly everyone else had walked away. Belz Properties invested millions in a massive renovation and reopened—the “South’s Grand Hotel”—the PEABODY hotel in 1981, bringing back the famous Peabody Ducks and sparking a downtown renaissance.
• Now YOU KNOW the Peabody Hotel was the famous place in Memphis that experienced a crisis until the right person saw the opportunities it offered. 

•  
• Today on Real Estate Mortgage Shoppe, we are talking about “Affordability Crisis or Opportunity Window? Lending and Appraisal Experts’ Behind the Scenes View.”  
•  
•  
• I’m your host,  Jo Garner, Mortgage Loan Originator . For your home purchase or a mortgage refinance you can brag about,.   I want to hear your story.  We can find the right mortgage product and make the mortgage process EASY.  Connect with me at JoGarner.com
• Real estate appraiser Allen McCool of Stephenson & Associates is our co-host.  Allen what is the best way to reach you?  901 763-2100
• We welcome Stephanie Jones Bourland of Evernest Property Management for the first time in the Real Estate Mortgage Shoppe studio. You can contact Stephanie at 901 

 

TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER

Here’s a customer story of a lady who saw herself in an affordability crisis because she could not afford her own house where she was living. 

My Second Mortgage Payment Has Gotten Higher Than I Can Pay

 

A lady called me who was struggling with having enough cash to pay her bills per month due to a temporary family crisis. She asked me, “My 2^nd mortgage equity line payment just went up quite a bit and now it will be tough to be able to afford to pay my bills each month. What can I do about my home equity line loan?”  

 

Normally, she would not even consider refinancing her fixed rate FIRST mortgage because she only owed around $40,000 on her first mortgage with less than 5 years left to pay it off.   Her 2^nd mortgage was a variable rate home equity line with a balance of about $50K. Her bank had just told her that her payment on that loan was converting to a full principal and interest payment increasing the minimum payment by an extra $200 per month. She  told me she knew that later the monthly payments on her mortgage would be no problem, but the increase on the 2^nd note for the moment was threatening her ability to pay for basic family needs at least until her family could get through their current crisis.  The thought that the 2^nd loan was also a variable rate loan with no safety caps on rate increases made her feel financially vulnerable too. 

 

Everyone’s story is different.   In today’s market a solution for the lady who called me would be to refinance her first and second mortgage to a fixed rate mortgage amortized over 30 years with no prepayment penalty.  Even if her rate was higher on the small first mortgage, she would be paying off the higher, variable rate on the second mortgage.   By refinancing everything back to a 30 year mortgage, she could save a few hundred dollars per month to handle her family crisis.  Once the family had overcome the crisis, she would be disciplined to apply the cash savings each month to paying the mortgage off early.  Solutions vary from person to person.  But here’s the good news, you don’t need to give into fear or worry. The path can be made clear to overcome the obstacles and enjoy the life you want.

 

Brenna and Brandon Bothem—A Better Life on a Budget but not Without Roadblocks

Brenna and Brandon were renting and paying more and more each year to the landlord .   With rent rates soaring around the country with no end in sight.   They sought advice from a realtor, their mortgage officer and a financial advisor.  

Before Brenna and Brandon started shopping for houses, they charted every expense over the last six months, listing the expense in designated categories.   To reduce their expenditures without giving up their quality of life, the two of them thought outside the box for ways to find what they needed at bargain prices.   They talked with friends about bartering some services to avoid having to pay cash for them.  They found ways to enjoy movie night at home with friends instead of going out to eat and to a theater. It turned out to be more fun meeting a home with friends than everyone driving to a restaurant and the to a theater or other event.   

Before too long, Brenna and Brandon had a hefty emergency fund.   They set up for some automatic bill-paying services. They agreed to give to their church and charity 10% of their earnings. They ask their employers to take another 10% of their earnings to go straight to a 401K retirement account and savings.  The other 80% of their funds, they paid their bills and, each month they concentrated on paying off their credit cards.    The pain and frustration they felt when they started budgeting turned into a swelling sense of confidence.   The Budget project was becoming fun, like a game they were winning. 

Brenna and Brandon had a clear vision of what they wanted their life to look like. They also had a clear vision of what their budget looked like so the house they purchased was NOT their dream home.   “We can make it beautiful,” Brenna told the realtor.   “It is just the leverage we will need one day when we move up to our dream home,”Brandon stated hopefully.    The house was a little smaller than they originally wanted but they planned to finish out the area above the garage for Brenna to have a small studio.  Brandon would have the garage to work on projects. 

 

 

MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY.   I can make the mortgage process easy. Connect with me at www.JoGarner.com   You can email me at Jo@JoGarner.com or call me at (901) 482-0354 

 

4^th Segment  8 minutes and 50 seconds

 

 

(THE SONG UpBeat Inspirations  PLAYING IN BACKGROUND )    INSIGHTS & INSPIRATION

“The Farmer’s Storm” — 

There was once a farmer whose small orchard struggled year after year. But one spring, a powerful storm tore through and destroyed most of his trees. Neighbors shook their heads and told him it might be time to give up.

“Maybe it IS time for me to give up and walk away,” the farmer thought in defeat “. Almost ALL of my trees are destroyed. I can never get back what I had.” 

That evening, as he walked through the wreckage, he noticed something surprising: the storm had exposed patches of rich soil he’d never seen before—ground that had been hidden under old trees that hadn’t produced in years.

Instead of walking away, he cleared the debris and replanted the orchard with stronger varieties. He redesigned the rows, added irrigation, and used the newly exposed soil to expand. Within a few seasons, his orchard produced more fruit than ever.

When people asked how he rebuilt so well, he said,
“The storm didn’t end my orchard. It revealed where it needed to grow.”

The insight for us is this:
In every crisis, something valuable gets uncovered. Look for what the storm is showing you—and you may find the opportunity that changes everything.

Today on Real Estate Mortgage Shoppe, we are talking about “Affordability Crisis or Opportunity Window? Lending and Appraisal Experts’ Behind the Scenes View.”

 

I’m your host,  Jo Garner, Mortgage Loan Originator . For your home purchase or a mortgage refinance you can brag about,.   I want to hear your story.  We can find the right mortgage product and make the mortgage process EASY.  Connect with me at JoGarner.com

Real estate appraiser Allen McCool of Stephenson & Associates is our co-host.   Allen what is the best way to reach you?   901 763-2100

We welcome Stephanie Jones Bourland of Evernest Property Management for the first time in the Real Estate Mortgage Shoppe studio. You can contact Stephanie at 901 

 

 

 

REAL ESTATE TIP OF THE WEEK 

Stephanie Jones Bourland of Evernest Property Management shares a one-minute tip -Inspections & preventative maintenance 

Don’t wait until there’s a problem before you inspect your property. One of the smartest things a landlord can do is schedule regular inspections and stay on top of preventative maintenance—even with long-term, reliable residents. Annual inspections let you walk the property, inside and out, and catch small issues early. When you pair that with routine maintenance, you prevent minor wear and tear—like leaks, aging HVAC components, or appliance issues—from turning into costly emergency repairs.

These regular interactions also strengthen your relationship with residents. Clear communication and proactive care build trust, encourage residents to report problems sooner, and often lead to longer tenancies and better property care.

Bottom line: consistent inspections and preventative maintenance protect your investment, reduce surprise expenses, support insurance compliance, and keep your rental performing at its best year after year.

 

Allen McCool, appraiser, shares a one minute tip. 

 

Jo Garner’s tip :   If you have a dream of owning a home but your credit is not where it needs to be, I know some things you can do that will make the most positive difference on your credit for the least amount of effort and cost on your part.   Call me or text me at 901 482-0354 I am not a credit repair professional but I have been working with my customers and their credit for over 35 years.  I know some things that can help you get your mortgage approved. 

 

What do YOU want to accomplish with YOUR mortgage?  I have the knowledge and experience. Let’s look at traditional mortgage products, alternative mortgage products and even combinations of products. I can help you get you what you need and make the mortgage process EASY.     Jo Garner, Mortgage Loan Officer 901 482-0354   www.JoGarner.com 

 

 

ANNOUNCEMENTS:   

Talk Shoppe equips with education, engages by offering connection opportunities between business people and empowers businesses in a supportive community. Talk Shoppe meets every Wednesday 9A-10A CT at Independent Planning Group’s conference room 110 at Clark Tower 5100 Poplar Ave 1^st floor Memphis, TN

(Thank you Ben Hunter 901 660-2912 outstanding Financial Professional at Independent Planning Group for being Talk Shoppe’s location sponsor)

Talk Shoppe on Wednesday December 17th 2025 9 AM It is the health talk with a panel of experts ready to help you stay healthy during the holiday season.   The Health Talks are powered by  Mary Lou Nowak’s Resource4Care.com, Sponsored by Tim Flesner and Genell Holloway of Mid-South Home Helpers  (non-medical assistance for your loved ones needing help with daily living routines ) 901 414-9696, and hosted by Talk Shoppe

 

Thank you to Retired US Navy Line Commander, Peggy Lau, independent representative of Viago Travel club.  Do you want to make wonderful memories taking first class vacations with your loved ones, but you don’t want to have to pay the first class price?  Call Peggy Lau, she can show you how  901 289-0747.

SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE DOES NOT ENDORSE 100% OF THE CONTENT ON THIS EPISODE.  REAL ESTATE MORTGAGE SHOPPE  RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY, AND NOT AN OFFER TO LEND.  EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND MOST ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS. JO GARNER IS A LICENSED MORTGAGE LOAN ORIGINATOR. (EQUAL HOUSING OPPORTUNITY)

 

 

ACKNOWLEDGMENTS AND CREDITS

REJOINDERS:  

1. Craig Jennings of Avalon Capital
2. Saul Klein, The Data Advocate  San Diego, California
3. Ed Hill of Masters Roofing

 

Transitional Music: First Segment    “WAAKA WAAKA” (PD) for Comic Queries;    “Brighter Tomorrows” by Stocktunes for Did You Know segment;  “Upbeat Inspiration” by Ikoliksaj for Insights and Inspiration segment.

INTRO AND OUTRO THEME MUSIC  “Country Roads” by Sergie Pavkin

PICK UP YOUR COPY OF “CHOOSING THE BEST MORTGAGE-THE QUICKEST WAY TO THE LIFE YOU WANT” by: JO GARNER

 

An essential guide for real estate professionals and their customers.

 

On Amazon and Barnes and Noble

 

 

ABOUT ALLEN MCCOOL, APPRAISER WITH STEPHENSON & ASSOCIATES

Allen McCool is a real estate appraiser with Stephenson and Associates. Holding the SRA designation from the Appraisal Institute, Allen has appraised residential property in Shelby County, TN for over 35 years, serving a variety of clients, including lenders, attorneys, and individuals. Allen applies a wealth of knowledge and analytical skill to each assignment, provides clarity in reporting results, and is a reliable provider of solutions to challenging real estate problems. 901 550-2100

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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:

www.JoGarner.com     (901) 482 0354  jo@jogarner.com  X     @jogarner   NMLS# 757308 

(currently working with Everitt Financial dba Supreme Lending)

ONLINE LOAN APPLICATION :   https://jogarner.supremelendingLO.com 

 “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 helping her clients find the right mortgage program and making the refinance or home purchase mortgage process EASY.  She offers conventional, FHA, VA or other loan programs for primary residences, second homes and investment properties.  

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 30 years.  She grew up in West Tennessee and got her start in real estate 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 30 years.