SUMMARY
Most people start looking at houses before they know what they can actually borrow. Zack McMillan, who manages the mortgage department at Regions Bank in Tallahassee, joins Cameron Oliver to walk through the home loan process the way it actually works. What a pre-approval really tells you, what lenders count as debt, how credit gets judged, and how doctor loans let doctors and dentists buy with no down payment and no mortgage insurance.
Zack came to lending the long way around. He spent years selling cars, and after he and his wife had their daughter he went looking for work that would get him home at night. He found mortgage lending by buying a home himself, realized the process was not that different from what he had been doing, and has spent over a decade in finance since. He sits on the boards of the local bankers and builders associations and works with the Realtors Association in Tallahassee.
This is the episode to send someone who is thinking about buying in the next year.
CHAPTERS
00:56 From selling cars to mortgage lending
02:08 Miami to Tallahassee, and why he stayed
04:39 Start with a pre-approval, not the online calculator
05:46 What to have ready before you call a lender
07:32 The three pillars: income, credit, and money
08:01 The two year work history myth
10:28 What a healthy debt to income ratio looks like
12:23 What counts as debt, including Klarna and unpaid taxes
13:21 Why credit still matters, and non traditional credit
14:49 The thirty day late payment rule
18:51 Where your down payment came from
19:54 Keep the down payment in its own account
21:27 Doctor loans, and who qualifies
23:20 No down payment and no mortgage insurance
25:56 Buying during residency, and the townhome play
27:18 Why doctor loans ask more of your credit
28:37 Start four to six months before your lease ends
32:01 The lowest rate is not always the cheapest loan
32:49 Do not default to the thirty year term
ABOUT THE GUEST
Zack McMillan manages the mortgage department at Regions Bank in Tallahassee, Florida. He has worked in finance for over a decade after an earlier career in automotive sales. He serves on the boards of the local bankers association and builders association and is active with the Realtors Association.
ABOUT THE SHOW
Deeper Than Dollars is hosted by Cameron Oliver, a financial advisor who works primarily with dentists, doctors, and business owners. The show is about the decisions underneath the money: how people actually choose, what they get wrong, and who they lean on.
If you are a doctor, dentist, or business owner weighing a home purchase and you want a second set of eyes on how it fits the rest of your plan, reach out to Cameron Oliver at Strategic Wealth Specialists.
If this was useful, follow the show and share this episode with someone who is about to start looking.
