On Real Estate Mortgage Shoppe today Tom King and I will be sharing some tips and strategies you can use when you are deciding when, where and how to purchase a home. I have some stories to share with you of two particular mortgage clients who used some brilliant strategy on their real estate transaction AND their mortgage.

What do YOU want to accomplish with YOUR mortgage? Contact me at (901) 482-0354 Subscribe to get weekly Real Estate Mortgage Shoppe blog posts with embedded podcasts conveniently in your email box.

To Your Success,

Jo Garner, Mortgage Loan Officer NMLS#757308 (901) 482-0354


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 Officer. You can connect with me at Our general topic is REAL ESTATE & MORTGAGE STRATEGIES FOR 2019-WHEN, WHERE, HOW? Subscribe to get our weekly blogposts with podcasts at Call us while we are live at (901) 535-9732 Today is June 1st, 2019.

On Real Estate Mortgage Shoppe today Tom King and I will be sharing some tips and strategies you can use when you are deciding when, where and how to purchase a home. I have some stories to share with you of two particular mortgage clients who used some brilliant strategy on their real estate transaction AND their mortgage.

Sitting in the co-host chair today we have our expert real estate appraiser, Tom King of Bill King Appraisal Service. Tom has been in the appraisal business for over 40 years—and yes, he started has a mere youngster following his father around appraising houses. Tom, tell our new listeners a little bit about yourself and what you do for your clients. (Tom introduces himself and talks about what he does as an appraiser for his clients )

(Jo) Since we are talking about real estate and mortgage strategies today, let me introduce you to Kathrine, a first-time homebuyer whose biggest fear was feeling tied down and unable to move for better opportunities. .

Katherine was in her late 20’s, out of college and just getting started in her career. She wanted freedom to eat out and have fun after work and on the weekends. She wanted to have that peace of mind that she could move when and where she needed to get farther in her career. She did not want to feel stuck.

But some of her friends had bought their homes. But Katherine did not want to feel hemmed in or stuck with a mortgage commitment. She felt like she could never get ahead with her rent going up each month year and surely there had to be some way to buy a house and still not feel stuck.

The realtor did some research on the neighborhoods that interested Katherine. Katherine could buy a house in a neighborhood that traditionally continued to go up in value year after year Her payment would be about one-third less than she would be paying in rent for the same type house. The interest rate on the mortgage was fixed for 30 years, so no more rent increases every year.

For Katherine, it was all about having some profitable exit strategies—just in case she ever wanted to move and not be tied to the house. Katherine could see three possible exit strategies to use if she should ever decide to move.

The first exit strategy considered that the values had been steadily going up. She could probably sell at a profit even after only a short time.

The second possible exit strategy involved the FHA loan program Katherine used for her financing. The FHA program allows for the borrower to later allow a subsequent buyer to assume that mortgage if they can qualify with whichever bank will be servicing the loan at the time of the assumption. In a market of rising rates, having the ability to allow someone to take over her low interest loan, gave her a further advantage for selling.

The third possible exit strategy involved the neighborhood where Katherine purchased her property. It was in a market that would allow her to rent her house out one day for much higher than her payment, which would give her a third profitable exit strategy. No more feeling stuck! No more having to worry about how much the landlord would hike the rent either.

MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY. Connect with me at Email me at or just call me at (901) 482-0354.

Tom, take a couple of minutes and share with our listening audience some of the real estate trends you are seeing in our Mid-South real estate market and how it is affecting home buyers and sellers. ( Tom has a couple of minutes to talk about real estate trends in the Mid-South and how these trends are affecting homebuyers and home sellers…)

Bloomberg list Memphis, TN as the highest ranking city in the nation for job growth. Memphis is rated high for homeownership too.

Tom still is seeing tight inventory on homes for sale and recommends that when sellers list their home for sale, be ready to MOVE. Buyers need to be prequalified and flexible on move-in dates. The market is moving fast. Once you set out to make an offer on a home, be ready to move.

Buyers and sellers need to observe the condition of the house being purchased. Before signing the home purchase contract, look for repairs that will most likely be required to be fixed before closing. Better to already know who is paying for which items in the beginning and not have to endure an additional round of negotiations after the home inspector sends in the home inspection report.

The home appraisal is required by mortgage lenders and can be an outside field report, a drive-by or a full interior-exterior evaluation. The home appraiser just gives the home a head and shoulders look and is there, primarily to determine square footage, amenities to formulate an accurate VALUE for the home . The appraiser notates any obvious repairs needed.

The home inspector, on the other hand, inspects the finer details of the home and actually goes up on the roof and in the attic and under the home if there is a crawlspace. The home inspector is there primary to notate the DETAILS of the CONDITION of the house. The home inspection is recommended but not required by lenders.

Home owners and home buyers cannot order their own appraisal if there is a mortgage involved. The government lending rules keep a “firewall” between the lending institution and the appraisal companies. Lenders must order the mortgage appraisal through a third party appraisal-ordering company who randomly selects an appraiser.

You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. What do YOU want to accomplish with your mortgage? Connect with me at . When we come back Tom King will be sharing more real estate tips and strategies. We are opening our phone lines for real estate professionals to call in and offer their real estate tips to our listeners too.

2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you by notable Memphis historian, Jimmy Ogle. Jimmy Ogle offers free historic walking tours downtown in the spring and fall. For information about Jimmy Ogle, go to . The Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping if you have a BIG, BIG project or a smaller project . The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to our trivia question, call us at 901 535 WREC 901 535-9732.

Memphis In May International Festival

Question: Over forty years ago, I began as a program of the Memphis Chamber of Commerce, and I now have a $132 million annual economic impact for our City. Who am I?

Hint: I have one hundreds of awards in recognition of my programs that reach throughout the globe.

Hint: I have events and programs that reach every corner of Memphis and the Mid-South.

Final Hint: I recently set a World Record placed in the Guinness Book of World Records. Who am I?

Answer: Memphis In May International Festival. In the early 1970s, the Memphis Area Chamber of Commerce developed plans for a festival, which would serve as a promotional umbrella for the numerous events Memphis hosted each May, including the Cotton Carnival, the Danny Thomas Golf Classic, the annual visit by the Metropolitan Opera and others. The festival, originally incorporated as the “Memphis in May International Festival Society”, also coordinated the grand opening festivities of the Cook Convention Center and the city’s Bicentennial celebration in 1976.

With “Society” dropped from its official name, a new 501c3 nonprofit status, an initial $52,000 budget (including $32,000 surplus dollars granted to the festival by the Bicentennial event and another $20,000 from sponsors, such as First Tennessee Bank, Datsun Forklift and Federal Express), a group of civic minded young executives reorganized the Memphis in May International Festival and presented its first salute, honoring Japan in 1977.  The organization, which began over 40 years ago with a modest budget of $52,000 has grown to become a 8.0 million dollar non-profit organization, which is recognized across the country and around the world as one of North America’s leading festivals.

Memphis in May hosts the city’s largest events like the Beale Street Music Festival and the World Championship Barbecue Cooking Contest. Memphis in May also produces extensive education, international, and economic programs for the city. Memphis in May is a 501-C(3) not-for-profit, community-based organization that contributes to the economic growth of the community, fosters civic pride, promotes awareness of Memphis heritage and builds international relationships.

In 2019, Memphis In May honored Memphis and Shelby County on their 200th Birthday (Bicentennial) and on Saturday, May 25 accomplished another world renown achievement with an entry in the Guinness Books of World Records for the category of “World’s Longest Picnic Table” of over 1,350 feet long and over 1,000 participants!


NOTE FROM JIMMY OGLE: As for Jimmy O, Jimmy retired in November and moved to Knoxville in April.  He will return the Memphis periodically throughout the Summer of 2019 to fulfill some long standing commitments to historical programs. In June he will be giving six free walking tours in Downtown Memphis (June 13-15) for the Downtown Memphis Commission that all will be filmed by Willy Bearden for the DMC’s archives and free access for anyone to view. 

Jimmy Ogle will be giving FREE Walking Tours in Downtown Memphis during on Thursday, Friday & Saturday, June 13-14-15 at 11:00 a.m. & 1:00 p.m. Go to for more information.



  1. What are some trends in home values you are seeing that are affecting our summer 2019 market?

  2. What are some of the types of repairs needed in homes that mortgage companies require to be fixed before closing in order for the loan to be qualified to close?

  3. Talk about the firewall between real estate appraisers and the mortgage companies?

  4. What are the different types of real estate appraisals that you perform? What are the benefits on each of these type appraisals?

  5. What is the difference between a qualified mortgage appraisal and the values people see on, and the Shelby County Assessors Site?


Kathy Newsom with Benchmark Southwind Realty in Memphis, TN (Kathy serves her real estate clients with a heart) (901) 337-6905



  1. Good mortgage strategy BEFORE you buy a home

  1. Know before you owe

what is the maximum house payment your budget will comfortably allow? Many of the financial podcasts suggest to homebuyers to keep their total house notes including taxes and insurance, mortgage insurance and association fees under 28% of their gross income.

–what is the maximum down payment you can afford to pay down on a home and still leave adequate reserve funds. Some of the same gurus suggest, if you are salaried employee, keeping 3 months of living expenses in an emergency fund should be adequate. If you are self-employed without a steady income, keeping 12 months of living expenses is suggested.

–Here’s a quick and easy way to determine what your budget will allow you to pay Get your last 3 to 6 months bank statements in front of you (your paper statements or your online account information)

Get your last 3 to 6 months credit card statements in front of you.

Set a timer for an hour or more and commit to FOCUS

Now, start counting up what you actually get for income going into your asset accounts and what you actually spend on bills and other stuff you may or may not need.

What bills come due only once or twice a year? (Car tags, club memberships, car insurance etc)

What can you do without? Cut it out of your spending plan.

After writing out your true income and your true expenditures, what is the maximum house payment that is comfortable for you?

What is the maximum down payment that is comfortable for you?

Let your lender know your maximum comfort level on the monthly payment and the down payment. The current mortgage software programs many times prequalify you up to 45% or even 55% debt-to-income ratio. But who wants that much debt??

  1. Good strategy DURING the mortgage process-Triumph Over Barriers To Your Mortgage Approval

  1. I Don’t Have Enough Money To Buy A Home- one of the most prevalent mortgage myths is that the minimum down payment to purchase a home is 20%. Wrong. There are government loan programs and other programs that will allow you buy a house for zero to 5% down. Let’s go treasure hunting. We can sink our shovel into some treasure troves.

There’s some treasure out there like down payment assistance programs, and other ways to find money you never knew was available to you. Let’s talk! Call me at (901) 482-0354 or email me at

  1. I Don’t Show Enough Qualified Income To Be Approved For A Loan

Let’s take a closer look at your tax returns. If you are self-employed, I start at the BACK of your tax return and add back as many of your expenses that I can legally add back described in the finer print of the mortgage program regulations. If your credit is good and you have some money to put down, let’s work on your income. We may have to rearrange some other debt in some cases.

  1. My Credit Is Causing My Loan To Be Denied

  1. Make your payments on time and do not let them get over 30 days late.

  2. If a creditor is contacting you about a collection account, pay it as soon as possible or set up a payment plan with the lowest possible payment per month with an agreement with the collection company not to report negative information about you to the bureaus.

  3. Never use more than 30% of your credit card limits. For example, if your credit limit is $10,000, you would never want your balance to go over $3,000. Your utilization habits on revolving account activity makes up over 30% of your credit score.

  4. Stay away from 12-months-same-as-cash accounts. Most of the time these type accounts are scored as maxed out revolving accounts. I have seen these accounts drop someone’s score more than 100 points.

Don’t get too many companies checking your credit within a 90 day

period. Too many inquiries on your credit can cause your credit score

lose points.

  1. The Appraisal On The Home Is Causing Problems With My Loan

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.

  1. Good strategy AFTER your mortgage closing

  1. Make plans to prepay your mortgage early in the process

  2. Pay one payment ahead so that you are never over 30 days late on your mortgage

  1. Subdivide and Conquer- Adele Edmond’s story

Meet Adele Edmond (not her real name). Adele is divorced and a single mom to two middle school daughters. She works full-time and wants to give her daughters a good life and be a good mom. In the divorce, Adele kept the very small house sitting off a highway outside the city limits where she and the girls have been living for the last few years. Behind the house was about 10 acres that also needed mowing or bushhogging.

Adele’s challenge? She wanted to move to a larger home in town in a school district where some of her daughter’s friends from church go to school. But she didn’t have enough income to afford a high payment since she didn’t have a lot to use as a down payment to live where she wanted to live.

Adele’s strategy? After talking to some business and real estate savvy friends at church, she decided, instead of trying to sell her little house and the land in the back, she would sub-divide the land and sell the lots individually with the small house too. She partnered up with a developer and a builder and a trusted real estate friend.

Adele’s reward? When Adele and I last talked, she was still in the process of finishing this project but, by connecting with the right friends and partners to help her, it looked as if Adele with making significantly more profit subdividing the land and selling them individually than just trying to sell the little house with all the grass out back to mow. Selling the property this way already provided her with enough down payment to get the mortgage payment low enough to be comfortable in the larger home she wanted in the other school district. And she has money left over to invest for her daughter’s future.


REAL ESTATE TIP OF THE WEEK (Tom King shares a real estate related money-saving or time-saving tip):


  1. Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT at Pinot’s Palette 8225 Dexter Rd Cordova, TN. This Wednesday April 4th, 2018 Talk Shoppe presents: “Shelby County TN Down Payment Assistance Program” Israel Henry, Finance Manager.

Talk Shoppe events are free thanks to supporters like Tim Gilliland of When you need to recover lost data on your computer, you will feel very thankful when you call Tim at BackupRX and simply download all your data and system files immediately when you need it. Contact BackupRX about getting your data automatically backed-up at

Thank you to Gina Davis of Check out Gina’s informative podcast at

4. Subscribe at and you can get our weekly blog posts with podcasts conveniently in your inbox.




Ann Landers- “If you want your children to listen, try talking softly to someone else.”

Billy Connolly -“Before you judge a man, walk a mile in his shoes. After that who cares?… He’s a mile away and you’ve got his shoes!”



  1. Mary Lou Nowak Mid-South Home Helpers (901) 414-9696 for non-medical help in the home for your elderly or handicapped loved ones

  2. Jeri Jeffries, Tiger Paws Carpet Cleaning Memphis, TN

  3. Troy and Lynn McDonald, Erin McDonald Insurance Agency Bartlett, TN (901) 849-7101

Transitional Music:

“Time of Your Life” by  Green Day; “Where Do You Go? “ No Mercy;  “One Way Or Another”   Blondie; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest



Tom is a well- respected and sought after appraiser in Memphis, Tennessee.  He is a second generation appraiser with 40 years 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 with the county and state boards of equalization and in valuations of property for tax appeal purposes. (901) 487-6989


WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE? (901) 482 0354 twitter @jogarner NMLS# 757308

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. 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