In this episode of Your Money Playbook, host Lynne Jarman-Johnson teams up with Coach Everett Hurt, a mortgage loan officer, to unpack the ins and outs of getting a mortgage—without the overwhelm. From figuring out how much to put down to understanding what lenders are really looking for, they keep things practical, relatable, and even a little fun. Whether you’re dreaming about your first home or planning your next move, this episode helps you navigate the process with clarity!

0:00:05.2 Lynne Jarman-Johnson: It’s Money Playbook time, and here I am in Lansing. I’m Lynne Jarman-Johnson, and I am here with your coach, Everett Hurt. Everett, I cannot wait to talk to you about the topic we’ve got. Let’s listen in to our caller today, who’s going to ask about first-time homebuyers.

0:00:21.7 Scott [CALLER]: Hi, this is Scott from Kalamazoo. I’m calling because my wife and I were hoping to buy our first home this year, and we have steady jobs, but had a couple of questions. We have decent credit scores. I’m just not really sure where to start, and I was hoping you guys could help. I know I want to get pre-approved so we can shop more confidently, but I did want to bring up that my wife, she’s interested in paying off our student loans, some debt and waiting until our lease is up in our current residence. So just wanted to see if we both needed to get pre-approval, if there’s an expiration on that, types of documents I may need. I know that’s a lot of questions. But I’m sort of embarrassed, frankly, to try to convince my wife to go at the housing project while rates are at a lower rate than they have been over the last few years. So, any help or education would be so appreciated. And I thank you all. Looking forward to hearing your response.

0:01:19.2 LJJ: Wow, that is a lot to unpack, Everett. We’re going to start by listening to our first coach, who’s a mortgage coach. Let’s hear it.

0:01:26.9 Coach Reneé: Got a dream house in mind? Let’s make it real, starting with pre-approval. First, check your credit score. You’ll need at least a 620 to get pre-approved, but 680 gives you better rates and more options. Next, get a handle on your finances. Then, gather your documents. You’ll need these when you talk to a mortgage loan officer. Your loan officer will assess your info and guide you through the process. Soon, you’ll be submitting an application and could be pre-approved. Want to learn more? Let us know. Consumers, we’re your team to count on.

0:01:59.6 LJJ: These coaches, a coach like you, Everett, is so important. We heard so many questions from Scott. I mean, that’s a ton to unpack. Everett, you know what? You’re a mortgage loan officer. I’m going to start right there. Because first-time homebuyers, I think, don’t maybe know. They have a realtor. They know what that is. But you are truly their personal coach to get them through this.

0:02:19.1 Everett Hurt: Correct. So, when I’m working with an individual, I’m working with that individual from start to finish and beyond. I’d be working with them one-on-one as well as working with their realtor so we can bring it all full circle.

0:02:30.4 LJJ: And what your job is really is to make sure that the money is there, right?

0:02:34.9 EH: Yeah, we want to make sure it’s a smooth transaction from start to finish and that once you get to the closing table, there’s no hiccups.

0:02:41.6 LJJ: Right. Scott had some great questions, so let’s start to unpack some of those.

0:02:45.8 EH: Sure. What I would recommend we start with always when you’re looking to be pre-approved is be prepared. Gather your documents, have a timeline so when you speak with your coach or your mortgage loan officer, you guys can pretty much have a meeting place of knowing what the ultimate goal is. The second thing is, know your credit. The credit is going to let us know which programs you do qualify for. The higher the better, but each program has its own bucket of where you fit based off of your credit score. And the last thing I would say is have cash. I mean, it’s always good to have a little bit of savings. Even if we don’t need it for the down payment, you’ll need it for closing costs. So, keep that in mind.

0:03:23.7 LJJ: He mentioned having student debt. You know, should you delay or you have a lease? You know, when is it that’s the right time to start thinking about buying the home?

0:03:32.4 EH: The first thing you should do is speak with the professional. They’ll let you know if that debt is going to hinder you from being approved or if it doesn’t. Student loans are looked at differently depending on the loan program. So generally, they’re looking at 1% if the student loan is deferred. But there are some programs where they don’t even look at the student loan. So, it really depends on which product they’re shooting for.

0:03:53.2 LJJ: I love the fact that you say that there’s options because some people have said, you know, the stories that are in the news right now are, “Oh, no one’s going to be able to afford a home.” And yet we have had just amazing home stories of people getting into a house because they asked the right questions.

0:04:08.6 EH: Correct. There’s different programs for every scenario. There’s zero-down options for some. There’s down payment assistance options for others. We just need to know what we’re working with and we’ll help you navigate from there.

0:04:19.7 LJJ: The second thing that he mentioned, which I thought was very interesting, is that we both have good credit. We really want to know what pre-approvals mean. How long do they last? Do they both need a pre-approval?

0:04:30.9 EH: Right, those are good questions as well. So, when I’m working with an individual, I’m always looking for the path of least resistance. So, if one borrower has good credit and good income and they can support the loan on their own, great, I’m going to go that route, and the spouse can just sign on the title and still have equal ownership. Another question that he asked was about the length of pre-approval. So, one thing that stands out with Consumers is our pre-approvals last for four months, 120 days, versus three months with other institutions.

0:05:00.2 LJJ: That’s amazing. Tell me when you’re looking at this first-time home buyer, what does that individual look like to you? And how is it that you’ve been able to help really explain the different options that are out there?

0:05:13.4 EH: Yeah. So, when I hear the word first-time home buyer, I’m automatically triggered to think of less out-of-pocket expense for that individual. So, Consumers has a, it’s not necessarily for first-time home buyers, but we have a zero down option where if you qualify, you don’t have to put anything down. Just have to have funds for closing costs. So that’s one thing, but there’s other programs and many grants out there as well. So, we would just see what an individual qualifies for.

0:05:39.0 LJJ: And you mentioned really being with individuals every step of the way. Is that also really looking at the big picture? How much does that house cost, including everything from landscaping and the new refrigerator if you have to get it, taxes?

0:05:51.8 EH: Yeah. So, when we’re working with someone, that’s based off of capacity. So how much can they actually carry? So, we’re going to look at that. That’s the first thing that we look at to see what their max approval will be, but also what they’re comfortable making a payment on, because it’s not always based off of your max. What are you comfortable in your monthly budget?

0:06:11.0 LJJ: Right. And then taxes is a good example. They’re different in every area?

0:06:15.4 EH: Yeah, they’re certainly different in every area and they do change yearly. So that’s something that we would speak about up front.

0:06:22.0 LJJ: Making sure that people really understand what the bottom-line number is going to be.

0:06:24.5 EH: Correct. Correct.

0:06:27.1 LJJ: Everett, Scott mentioned on the call about being in an apartment or leasing. And when is the right time to start looking for a home if you have time left?

0:06:36.0 EH: Yeah, so one main thing is being prepared. So, the earlier you know what you qualify for and what you’re looking at on the back end, the better for your situation. Ease a lot of stress. So, I would give a person at least two months before they’re really looking to pull the trigger and get out there working with an agent.

0:06:52.6 LJJ: And you mentioned the pre-approval length. So that sounds like that’s an easy …

0:06:56.3 EH: Yeah, so our pre-approvals last for 120 days versus the traditional 90-day pre-approval. So, you get that extra 30 days where you don’t have to have your credit re-ran or anything like that.

0:07:07.2 LJJ: Everett, what an amazing coaching experience this has been. Let’s recap. Tell me your top three homeowners, especially for that first-time homeowner—what’s the tips you like to give?

0:07:17.7 EH: It’s going to be the Cs. So, it’s going to be credit, capital and capacity. Capacity meaning how much you can be approved for.

0:07:25.4 LJJ: Awesome. Wow, you guys, that’s your Money Playbook. And if you have questions for us, give us a call. We’ll answer your questions just like we did Scott. 269-213-3360. Thank you very much, Everett. And oh, my goodness, guys, we’ll see you on your Money Playbook.