Today, just like a good flight plan, we will be helping you plot your mortgage course to your desired destination with the least amount of turbulence and at an affordable cost. Kyle Porter and I will be helping you decipher what’s on the radar for mortgage rates and the housing market. Remember, mortgage rates are NOT tied to the Federal Reserve Rate and are affected by inflation, supply and demand, lending regulations and agency fees. Stay with us throughout the show.

Where do you want to be with your financial goals? Let’s explore what YOU can accomplish with YOUR mortgage goals. Connect with me at (901) 492-0354

To Your Success,

Jo Garner, Mortgage Loan Officer NMLS#757308



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 TICKET TO YOUR MORTGAGE DESTINATION FOR GETTING THE BEST TERMS ON YOUR PURCHASE LOAN OR REFINANCE—DON’T MISS YOUR FLIGHT. Subscribe to get Real Estate Mortgage Shoppe podcasts with show notes at Call us while we’re live today September 19, 2020 at (901) 535-9732.

Back in the co-host chair we have Kyle Porter, manager of Sierra Pacific Mortgage in West TN and North Mississippi. Kyle is affiliated with Homes For Heroes. He tenaciously powers our team over at the mortgage office, giving the loan officers the resources and support we need to better serve our mortgage clients and realtors. (Kyle introduces himself and what the Cordova, TN and N Mississippi branches of Sierra Pacific Mortgage has to offer our customers and realtors)

(Jo) To our listeners, Have you ever been looking forward to flying to that exciting vacation adventure on the once-in-a-blue-moon bargain airline ticket price, and almost missed your flight? That could happen to so many people who are meandering along, assuming mortgage rates are going to stay low because the Federal Reserve says they will be keeping their rate low.

Intercom Announcement —MORTGAGE RATES ARE NOT TIED TO THE FEDERAL RESERVE RATE. Here’s your view from 30,000 feet: Mortgage rates are closely tied to the bond market yields and when we see inflation being allowed to burn a little hotter, the bond market, historically has quickly reacted by sending the price on mortgages higher. A second view from up high is that the overseeing agency for Fannie Mae and Freddie Mac is about to add an “adverse market fee” to a big portion of the mortgages backed by Fannie Mae and Freddie Mac. Today you can still get a bargain mortgage though. What do YOU want to accomplish with YOUR mortgage? Make your plan. Work your plan. If the deal works for you today, let’s do it today. Connect with me at

Kyle, please share some of the home buying and refinancing scenarios you are seeing where our clients are experiencing the best bargain in a long time.

(Kyle to share examples of clients he is seeing who are getting a good deal on

  1. Buying a home
  2. Refinancing to lower their rate and payment
  3. Refinancing to lower their rate and shorten their mortgage terms
  4. Refinancing to lower their rate and rolling into their mortgage some very high interest rate debt to free up cash flow on a low fixed rate. )

(Jo) Another area we are seeing our mortgage clients win is taking advantage of the low mortgage rates to go ahead and move up to the larger, more expensive home. Some of our clients are buying the move-up homes so they can move their aging parents in with them under one roof. Others are buying bigger to bring their younger family members back into the home


But here is a story I have shared before that paints such a perfect picture of why buying up to the larger, more expensive home works now, leveraging from the power of the lower interest rate.

Maynard and Marlene Mueller (not their real names) had yearned to move for a couple of years now to a more upscale neighborhood where some of their friends live. But the price tag on the monthly note would have been $800 higher than what they were paying then on their current home. That plan was insanely out of reach for them in 2018.

However, this year the Muellers considered the deep dip in the mortgage rates TOGETHER with the simultaneous spike in their current home value. Now they finally could make the positive pivot to the bigger, beautiful home. They sold their current home at top price and took the $300,000 net profit and put it down on that more upscale home with a $200,000 higher price tag. Their payment was a little higher than they were paying at the old place, but making this transition today with lower rates compared to 2018 made the $300 bump in payment very affordable–a happy day for the Muellers.

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? Make your plan. Let’s work your plan if the deal works for you today, let’s do it today. When we come back Kyle Porter will be talking more about where to find your financial opportunities in the mortgage market. See you back in just a moment.


2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you by notable Memphis historian, Jimmy Ogle. Twelve of his Memphis History lectures entitled Making Memphis – Storytelling by Jimmy Ogle may be viewed by Googling “JIMMY OGLE PINK PALACE”. View at . 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 or you can do the big project in phases . 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.

Garner # 186 * 09/19/20

Herb Parsons Lake

Question: I am a well-known outdoorsman and have a public Tennessee state lake named for me just south of Fisherville. Who am I?

Hint: I am honored in four different Hall of Fame establishments in America.

Hint: I am also known as the “Showman Shooter From Somerville.”

Hint: Ducks Unlimited at Shelby Farms displays his Duck Calling Championship trophies.

Last Hint: I am not Bill Dance! Who am I?

Answer: Herb Parsons (Lake). Indeed, everything in Herb Parsons’ life was unique.  He was an expert marksman with shotgun and rifle, a champion game caller, consultant to the movie industry, showman, and wingshot supreme.  The fact that hunters still tell Herb Parsons stories today, over a quarter-century after his death, should give you an idea of the reputation he established. He was born on a farm in Fayette County, Tennessee, in 1908.  Fortunately, his was a hunting family.  At the tender age of seven, he was given his first gun, a Winchester .22 single shot.

Parsons’ career began in 1929, when Winchester hired him as a salesman.  In the 1940s, Parsons gave 238 exhibitions to soldiers at military installations.  He served as a gunnery instructor during the war.  And when hostilities ceased, he hit the circuit for Winchester, putting on thousands of demonstrations. Doubtless, he was the greatest ambassador of goodwill the shooting industry had in modern times. When the razzle-dazzle of wild west shows ended, arms and ammunition companies got into the act.  But perhaps it was Parsons who rose above them all in celebrity status, especially among hunters.  He possessed a flair for the spectacular and a gift of gab.

For years, he was a member of Sports Afield’s trap and skeet All-American teams. A Tennessee state lake in Fayette County is named in his memory.  Copies of “Showman Shooter” are still being shown.  He occasionally is brought back to life in the outdoor columns of newspapers.  He was inducted posthumously into the Trapshooting Hall of Fame at Vandalia, Ohio, and is an enshrinee of the Tennessee Sports Hall of Fame and the Tennessee State Trapshooting Association Hall of Fame.  A dedicated display of his firearms is in the Cody Firearms Museum of the Buffalo Bill Historical Center in Cody, Wyoming.  Ducks Unlimited headquarters in Memphis, Tennessee displays his duck calling championship trophies.

Jimmy Ogle has retired from walking tours in Memphis. Twelve of his Memphis History lectures from the Pink Palace entitled Making Memphis – Storytelling by Jimmy Ogle, and now more than ten hours Downtown Walking Tours are FREE on the internet at . . . You Tube Jimmy Ogle.

View for more info!



  1. Share some examples of your mortgage clients who have realized the biggest financial wins this year in 2020
  1. A home purchase example
  2. A refinance example or two
  1. What example can you offer to describe the cost of waiting to buy a home or refinance?
  2. Talk about what you can offer you mortgage clients through your affiliation with Homes For Heroes. (Share some examples)
  1. What is Homes For Heroes Network?
  2. Describe the benefits of using a Homes For Heroes Affiliate?
  3. Who qualifies for Homes For Heroes benefits?
  4. How does the process for using the Homes For Heroes program work?



  1. Jo’s top 3 tips for getting the best terms on your mortgage:
  2. Know your personal comfort level on the maximum house payment you can afford.

Many of the financial authors suggest keeping the total monthly house note (principal, interest, taxes and insurance, mortgage insurance, association fees, if any) under 25% to 28% of gross monthly income. Some of these pros recommend keeping your total monthly obligations like car loans, monthly credit card payments, student loan payments, and other debts, including your house note under 38% to 41% of your gross income.

Common recommendations on total debt ratio (includes the total new house note (including principal, interest, taxes and insurance, private mortgage insurance, association fees, if any) plus any other debts per month divided into your gross income.


Gross income: $7,000/month

New house note- $1,400 (principal, interest, taxes and insurance, with some mortgage insurance) + $25 per month for neighborhood association fee if applicable.

Car loan $400/month

Minimum payment on the credit card account =$50/month approximately

Total House note + association fee= $1,425/$7,000=20% Housing ratio

Total debt = $1,875/month / Total income $7,000= 27% total income-to-debt ratio

  1. Know your personal comfort level on how much money you need left in your emergency fund when you close on your home loan.
House With Energy Efficiency Rate In Front Of Businessperson Working In Office While Using Calculator

Check with your certified financial advisor when you are making financial decisions. Authors of financial tutorials commonly suggest, if you are in a stable salaried job, that you need a minimum of 3 months living expenses in an emergency reserve fund. For self-employed borrowers, some published advisors recommend a full year of living expenses in reserve.

  1. Make sure your credit scores are as high as you can get them.
  1. The higher your credit score, the lower the rate you get to enjoy. A great credit score is 780 or higher. Good scores are 740 to 779. Average scores are 660 to 699. Scores that might give you a challenge on some mortgage products are below 660. FHA and VA government loan products are more forgiving on lower end credit scores though. You can still buy a home with an affordable payment.
  2. You are allowed to pull credit on yourself once a year on Go ahead and pull your own credit on all three bureaus—Equifax, Transunion and Experian. Check for errors. If there are past due accounts or collections, you may want to contact them and set up a payment arrangement of some type in exchange for that creditor’s agreement not to keep reporting negatively against you while you are trying to build your credit score. higher.Judgments with a court docket number, need to be satisfied.

The website recommended by Equifax, shows consumers that over 30% of their credit score is made up by what percentage of their revolving credit lines they have borrowed. Generally, if you have revolving credit balances of less than 30% of the total credit line on the card, your scores are much better than if you use over 30%. It is shown that you lose points on your credit score if you owe over 50% of the credit line. In other -words if you have a credit line of $10,000 and you owe over $5000 on the line, it is hurting your credit score

Stay away from 12-months-same-as-cash accounts if you want your credit scores to stay high. These 12-months-same-as-cash accounts score like maxed out credit cards.

Don’t open any new accounts and do not add to balances owed on any accounts until AFTER your mortgage closes. Compliance requires mortgage companies to check to make sure no new accounts have been opened and they are required to check to make sure you still work at your job right before you close.

  1. Explore your mortgage options.
  2. Compare two or three different loan programs to see which one will get you to your comfort level on the payment and move-in costs but will still serve your needs years from now.

Government loans like FHA and the Veteran’s Loan and USDA Rural Housing loan programs are usually a lower rate and closing costs than conventional loan products. But, if you have high credit scores, your rates will be good on the conventional loan products too, and you probably will not have to pay our near as much for the lender private mortgage insurance if your credit scores are high.

  1. Jo’s top 3 tips for getting the best terms on your home purchase:
  2. Be prepared. Be preapproved.
  1. When you make an offer to buy a home, chances are good that you will be competing with other people who are making an offer on the same house. If you are working with me, I can show you some ways to strengthen your prequalification information. Sometimes the seller is not looking for the highest price offer, but looking for the strongest buyer who will confidently close on time. Let’s talk if you are looking for a lender who can help you with this strategy.
  2. Put the best professionals on your team

The is an old Zen proverb and it goes like this: “It takes a wise man to learn from his mistakes, but an even wiser man to learn from the mistakes of others.” By putting a knowledgeable realtor and lender on your team, a good home inspector and closing attorney other pros, you are getting the benefit and protection of their knowledge of what to do and what not to do. Make sure they are reputable. I would love to sign up to be your lender for life when you are ready for a mortgage.

  1. Position yourself with positive exit strategies for one day when you move or sell your home-Katherine’s story…

Let me introduce you to Kathrine,(not her real name) 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.

REAL ESTATE TIP OF THE WEEK (Kyle Porter offers real estate or financing tip –about 1.5 minutes): Kyle talks about the importance of having an experienced team on your side during the home buying process. A good realtor who knows the market, knows what you want and knows how to negotiate on your behalf


Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT This Wednesday September 23, 2020 9A-10A CT Sergeant Morton Bonds of the Memphis Police Department, Human Trafficking Unit will be presenting “What You Need to Know About Human Trafficking in Memphis” You can attend Talk Shoppe events every Wednesday virtually by going to Click on the Upcoming Events tab and the virtual meeting address appears toward the top of the page.

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Henry Youngman “Getting on a plane, I told the ticket lady, “Send one of my bags to New York, one to Los Angeles and the other one to Miami. “

She said, “We can’t do that!”

I told her, “You did it last week.”



  1. Bernice Ross, Austin, Texas real estate industry columnist for
  2. Jana Cardona, Executive Director of Business Network International Mid-South Memphis, TN
  3. Marx Sterbco, Sterbcow Law Firm New Orleans, LA

Transitional Music: “Jet Airliner” by the Steve Miller Band; “Jets” by Paul McCartney and Wings; “Fly Away” by Lenny Kravitz; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest



Kyle is a native Memphian that has been in mortgage banking in the Mid-South for 20+ years. Specializing in construction lending and first-time home buyers, Kyle and his team at Sierra Pacific Mortgage make it a point to treat every customer and client like they are family, making sure each one is given the hands-on attention that is needed in the mortgage process. Kyle is heavily involved in the real estate community, serving on the Affiliate Board for the Area Association of Realtors and is an active volunteer for Habitat for Humanity and Youth Villages.


WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE? (901) 482 0354 twitter @jogarner NMLS# 757308 (currently working with Sierra Pacific Mortgage, Inc)

“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