Did you know that mortgage rates are NOT tied to the Federal Reserve? Last September 2024 when the Fed dropped their rate, mortgage rates actually spiked upward. Experts are predicting that mortgage rates have already made their drop to a 12-month low and are not predicted to move precipitously next week. Is this the right time for you to buy a home or refinance?
Real Estate Mortgage Shoppe explores the current housing and mortgage market from the mortgage desk, from an expert appraiser and an award-winning realtor.
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com #memphishousingmarket #memphishomevalue #memphismortgage #homeseller
#memphisrefinance #realtor #lowestmortgagerate
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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 is MORTGAGE RATES AT 12-MONTH LOW—IS THIS THE RIGHT TIME TO MAKE YOUR REAL ESTATE MOVE?
. This episode of Real Estate Mortgage Shoppe is sponsored by real estate closing attorneys Shelley Rothman and Rob Draughon of Griffin, Clift, Everton and Maschmeyer Law Firm in Memphis. For your real estate closing or refinance, contact Shelley Rothman and Rob Draughon for closing title services (901) 752-1133. Today is September9, 2025
Introducing Tom King of Bill King Company
(Jo) Back in the co-host chair we have our real estate appraisal expert, Tom King of Bill King Appraisal Company. Tom has been appraising homes in the Mid-South area for over 40 years. I believe you know a thing or two about what’s going on in our local real estate market, Tom. Take a moment and introduce yourself to any new listeners and talk about what you do as an appraiser for your clients. (Tom takes about 3 minutes to introduce himself and talk about the benefits he offers his clients and his insights on the current real estate market in the Midsouth)
WHEN THE TIMING IS RIGHT
(JO) We are talking about ways to know if the timing is right to buy a home other real estate. If you have ever tried to teach a child how to hit a baseball, you know the feeling of frustration when the timing is off. You also know the feeling of exhilaration when the timing is just right. In baseball, if you miss the timing as a batter, you can usually make up some lost points at the pitcher’s mound.
We are in the 2nd week of September 2025 and mortgage rates have been dropping due to the dismal Jobs Reports AND the revisions over earlier jobs reports that appeared healthy but now shows cracks in the strength of the economy. Mortgage rates are more closely tied to the bond market and NOT the Federal Reserve, and the bond market has ALREADY made some moves in response to the job market that send prices on mortgage to a 12-month low. If you got a $400K mortgage today, it would very likely cost you about $200/month less than if you got that loan the first part of the year.
If you are wanting to buy your first home. If you have been waiting to sell your home and move up or down, but you did not want to give up your 4 and something percent mortgage, let’s do some testing driving on some new products and better pricing. Now may be the time that works for you to buy a home, sell a home or refinance one.
Timing right now can be perfect for some and not-so-perfect for others.
HOW IS YOUR TIMING ON AFFORDABILITY?
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Do you WANT to buy a house? Are you tired of wasting money on rent? Are you ready for the money you spend each month to help you build your OWN wealth? Do you need more living space?
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What is the maximum house payment that you can COMFORTABLY afford on a house payment? Can you restructure some debt to make more breathing room with the house payment? Can you make a list of products or services you use that can be substituted things that can give you the same benefit but at a lower costs? Can you trade or barter with others for things you need instead of spending your cash?
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How much will you keep in your emergency fund after paying money for closing when you buy your home? There are plenty of financial advisors online and in books who suggest that you keep enough in an emergency fund to cover 3 – 6 months of living expenses. Some say you need a year of living expenses put back if you are self-employed.
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How does your credit look? The higher your credit score, the better terms you can get on a mortgage. There are some three things you can do to boost your credit scores. Check your credit for free at www.annualcreditreport.com Call me and we can go over ways to get your credit scores higher.
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Are you looking for ways to lower the rate and payment you have on your current mortgage?
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Do you have a much lower than market interest rate and have paid off half or more of the original mortgage balance? You have already paid most of the interest on the loan. The remaining payments are mostly principal. If you decide to sell the home and pay off the mortgage or refinance to consolidate, you really aren’t losing out as much as you think. Contact me and let’s compare the remainder of your old loan’s amortization schedule compared to what you can do on a new mortgage or debt restructure.
What do YOU want to accomplish with YOUR mortgage? I can help you get the right mortgage and make the mortgage process EASY. Connect with me at www.JoGarner.com
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 hearing more from appraiser, Tom King of Bill King Company. Realtor Silvana Piadade of EXP Realty will be joining us after this break.
2nd Segment 9:18 AM to 9:30 AM
(RING BELL for COMIC QUERIES What is one of the most famous real estate board games?…HINT… Hasbro has a Monopoly on it.)
TALK SHOPPE BUSINESS TIP FOR REAL ESTATE PROS
2nd segment after 9:15 advertising break – (producer to start the song “Taking Care of Business” by Bachman Turner Overdrive –but bring the volume down before the lyrics start) 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 sponsor Silvana Piadade, a realtor with EXP Realty. Silvana, you stand by your commitment to your homebuyers and sellers that You Care, You Listen, You Deliver. Silvana has been named one of the top 100 Latino Realtors in the country. Silvana Piadade What is our Talk Shoppe Business Tip for Real Estate Professionals today? (Silvana has about 1.5 min to share her tips )
Silvana Piadade of EXP Realty in West TN and North Mississippi, how do we contact you? (901) 647-6661
Silvana’s Tip: Lean on AI strategically – use AI as a helper but not to replace your voice.
(901) 647-6661
TOPICS FROM TOM KING, APPRAISER WITH BILL KING COMPANY
AI & Appraisal Technology: The New Frontier
A new framework outlines how upcoming regulations (like UAD 3.6) and AI tools (computer vision, NLP, structured data) are transforming valuation, while emphasizing human oversight and trust .
How this new technology affects homebuyers and home sellers and homeowners trying to refinance their homes
What are your predictions for home values if mortgages low where they are now?
What is your prediction about inventory levels if mortgage rates stay low?
Will we move back over to a Seller’s market if rates go down?
Talk about the firewall between appraisers and lenders.
How to appeal a low appraisal
Some things that won’t change— Most mortgage companies use the Sales Comparison model for determining value on a home. Your home’s value is determined by qualified comparable sales of homes like your home in your general location over the course of a few weeks to a few months.
If you are trying to do a preliminary estimate of your home’s value, pay attention to the distance between the floor and ceiling in your upstairs bonus room with the knee walls. Remember that rooms below grade do not get full value like the space above ground.
(Ring bell -DID YOU KNOW….from Tom King, Appraiser shares an interesting fact about how Getwell Rd in Memphis got its name.)
Because the name of the street where the Veteran Administration wanted to build their hospital was Shotwell. The VA did not think that was a good idea to build a veteran hospital on a road called “Shotwell.” So… they had the city rename the road to “Getwell.”
3rd SEGMENT 9:35 AM-9:45AM)
TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER
Strategies Mortgage Clients Are Using In The Current Market
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First-time Homebuyers are leaving the landlord and buying their own home
- Rochelle Murdoch’s story—A sense of accomplishment finally buying her home at age 40
- Rochelle Murdoch heaved the brown moving box labeled “CDs & DVDs” off the sofa, plunkingitdown on the nearby end table. She collapsed onto the clear spot on the sofa between other boxes, kicking her legs up to rest on the coffee table.
At 40 years old Rochelle felt the satisfying sense of accomplishment of owning her first house. Her family and friends would return the next day to continue the celebration. They would help her unpack, hang curtains and transform the house to her own sanctuary—her very own home.
Rochelle had always thought owning a house required lots of money down and a high mortgage payment. A real estate agent she met at church showed her that with an Affordable loan with and low interest rate she could get into a house for a minimum of $500 and her payments would be less than her rent—not to mention the tax write off on the mortgage interest.
- Rochelle could only ask, “Why didn’t I do this sooner?”
Key Puzzle Piece: Rochelle had low credit scores and only $500 to put down. She needed to keep her payment as low as possible.
Mortgage Solution: The Affordable Lending Program was the solution for Rochelle because it offered flexible credit guidelines and only a minimum contribution from her own funds. The seller was allowed to pay her closing cost and prepaid taxes and insurance. The private mortgage insurance per month was much less expensive as compared to the standard conventional loan programs. The lower private mortgage insurance costs kept Rochelle’s payments much lower than if she had tried to use a traditional conventional mortgage. The product allowed her to get some down payment assistance in the form of a community 2nd mortgage.
Affordable loan programs are designed for borrowers who may not have traditional credit lnes/credit scores. It can approve borrowers who do not have a 2- year credit history on most credit sources. It allows for more types of income to be considered such as boarder income. The Affordable loan products sometimes allow for use of the combo 1st and 2nd mortgage programs up to 105% combined loan-to-value.
Recast Story
Jason Janson (not his real name) wanted to retire years ago but, because of a misunderstanding with his tax professional, he was paying back several years of IRS liens. The set monthly payment to the IRS was more than he could afford if he retired from his job. If he did not find a way to pay off the tax debt, he would not be able to retire for another five or six years.
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It seemed really easy to refinance and pay off the six figure tax bill since there was plenty of equity in the house Jason owned and he had good credit. What was holding Jason Janson back from a simple refinance to get the IRS out of his life?
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Because, as Jason explained to me, “if I borrower over $100,0000 to pay off my IRS liens, my new mortgage payment will be too high for me to afford when I retire over the next few months. So,if I retire, the over $2,000 per month set IRS payment will put me in the poor house. If I try to refinance and pay OFF the IRS, the mortgage payment will put me in the poor house. I am doomed to work til I die.”
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Jason was suffering every day because the huge IRS payback payment was holding him down in a very restrictive life style. But if he got the refinance, he would also be stuck making a large mortgage payment instead and could not afford to retire.
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But, Jason did not know about a simple solution called a “mortgage recast.” Here is how the recast set Jason financially free. I explained to Jason that we could do a fixed rate mortgage on his house to pay off, once and for all, the IRS six-figure tax lien. The payment would be fairly high as compared to his job income. However, when he retired in the next few months, he would be getting a large lump sum from his employer in addition to some monthly pension. He planned to take some of the lump sum and pay down about 30% the unpaid balance on the new mortgage. He had a written agreement with the mortgage company that he could recast the mortgage to a much lower monthly payment once he made the extra lump sum payment. The recast would allow the lender to recalculate Jason’s payment on the much lower paid down balance over the remaining years on the mortgage term. Now Jason could retire AND enjoy an extremely low mortgage payment with NO TAX LIEN.
REFINANCE STRATEGIES PEOPLE ARE USING IN THE 2025 REAL ESTATE MARKET
One of the best tools for redesigning your financial life is using a mortgage refinance when it makes sense.
#1. Cash out refinance to combine your low balance first mortgage and high balance, higher interest rate debt into one single digit, fixed rate mortgage. When you can save several hundred dollars a month on a cash out refinance, consider using the extra savings to pay the mortgage off early.
#2. Cash out refinance to buy an additional property
#3. Cash out refinance to modify your home to fit the way you want to live in your home.
#4. Remember, if you have paid over half of your mortgage balance over the years, and you want to ts
Let’s you and I talk about YOUR plans to save on your mortgage costs or your plans to build your real estate portfolio. But you have to talk with me personally so I can work with you. You can connect with me at www.JoGarner.com or call me directly at (901) 482-0354. MAKE YOUR PLAN, LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY!
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
(RING THE BELL) INSIGHTS, INTUITION & INSPIRATION
From Erma Bombeck- “My theory on housework is, if the item doesn’t multiply, smell, catch fire, or block the refrigerator door, let it be. No one else cares. Why should you?”
REAL ESTATE TIP OF THE WEEK
Silvana Piadade of EXP Realtors has about 1 minute to share tip
Silvana’s Tip: Declutter and depersonalize your home – buyers want to imagine themselves in the space. Too much “you” can make that hard.
Tom King of Bill King Company has about 1minute to offer a tip
Jo Garner’s tip
Special mortgage programs are available. Some of these program have down payment assistance. Some programs have lower-than-market mortgage rates to make homes affordable. Are you self-employed? We have loans where we verify your income using bank statement instead of the shredder. The DSCR special program for real estate investors are a nice, low-documentation loan .
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 1st 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 September More Life, Less Stuff: The Joy of Right Sizing” Leah Anne Morse , Owner of All Things New (Organizing and Moving Company) (901) 488-9733
This is a Health Talk powered by Mary Lou Nowak’s Resource4Care.com Sponsored by Genell Holloway and Tim Flesner, owners of MidSouth Home Helpers (non-medical assistance) (901 414-9696 Hosted by Talk Shoppe www.TalkShoppe.com
Talk Shoppe says thank you to the generous sponsors who support business owners and sales people in our community. Thank you to Donna Roach of Hearthside Senior Living in Bartlett, TN. Consult with Donna Roach on your journey to find the best place for your loved one needing to live independently or with assistance. (901) 651-2503
Thank you to Talk Shoppe’s sponsors from Redeemers Group (foundation repair.) When you have a problem with your crawl space or foundation, contact Redeemers Group at www.redeemersgroup.com
MAKE YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
Subscribe for weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com
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)
QUOTE CORNER:
QUOTE CORNER: Tom King shares his quote.
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CREDITS AND ACKNOWLEDGEMENTS
REJOINDERS:
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Craig Jennings of Avalon Capital (private real estate lending for investors)
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Taylor Morse of Cartridge World of Collierville 901 853-3230
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Troy and Lynn McDonald of Erin McDonald Insurance Agency 901 849-7101
Transitional Music:
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 TOM KING, REAL ESTATE APPRAISER
Tom is a well- respected and sought after appraiser in Memphis, Tennessee. He is a second generation appraiser with 40 years of experience. He has been elected to the Memphis Area Association of Realtors Board of Directors three times.
Tom is a certified residential appraiser in Tennessee. He have appraised over 20,000 homes in his career. A graduate from the University of Tennessee with a degree in real estate, Tom is also a Certified Relocation Professional (CRP). Tom also has vast experience in dealing appraising real estate for pre-listing sales, cash buyers, divorce settlements, estate settlements. (901) 487-6989
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.
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 Pick up Jo Garner’s book on Amazon or Barnes Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want” Affordability, Inventory & Market Timing