The Freedom Podcast #203

In this episode of the Freedom Podcast Financial Edition, Dr. Van Moody and Pastor George B. Thompson welcome Deric Jackson, Community Home Lending Advisor at Chase Bank in Birmingham, Alabama, for a deep dive into homeownership as a wealth-building tool.Setting the StageDr. Moody opens with a striking statistic from the Federal Reserve: the typical home-owning family has a net worth around $400,000, compared to roughly $10,000 for renting families — a 40x wealth gap. Pastor George adds that this gap isn't just financial but psychological, describing how ownership shifts mindset from "spending" on repairs to "investing" in an appreciating asset. He draws on his own experience watching some California neighborhood property values climb from around $200,000 to nearly $1 million.Five Practical Steps to HomeownershipGet your financial house in order. Know your credit score, understand your checking/savings position, and have a "kitchen table conversation" with your spouse before approaching a lender. Deric walks through Chase's process: application, credit pull, and verification of income and assets — including the concept of "seasoned money" (funds that have sat in an account long enough to show financial stability).Know your true number and save on purpose. Rather than maxing out a pre-approval amount, buyers should calculate down payment and closing costs (roughly 3% for conventional loans, 3.5% for FHA, plus ~2% for closing costs) and build in "wiggle room" so mortgage payments don't consume the entire budget.Get pre-approved, but understand your mortgage before signing. Pastor George warns against the negative-amortization and interest-only loans that fueled the 2008 crash, urging buyers to understand fixed vs. adjustable rates, loan terms, taxes, and insurance. Deric explains escrow accounts and how lenders can bundle tax and insurance payments into the mortgage.Buy what you can keep — not the most you qualify for. Becoming "house rich, cash poor" is a common trap. Deric shares that Chase deliberately coaches customers to buy below their maximum pre-approval and offers post-closing seminars (led by community manager Gino Gardner) to help new homeowners manage their finances after closing. Chase also does not charge prepayment penalties, so buyers with extra room can pay down principal faster.Build equity, protect the asset, and pass it on. The group ties everything back to generational wealth — buying within one's means, paying down the mortgage intentionally, and eventually using equity to acquire additional properties or pass the asset to the next generation.Closing ThoughtsDeric emphasizes that education is as important as equity in building generational wealth and encourages listeners to surround themselves with people who support their homeownership goals. Pastor George closes by tying homeownership to his broader teaching on generational wealth — that today's ceiling should become the next generation's floor.Guest info: Deric Jackson, Chase Bank — serves the River Chase, Downtown Birmingham, and Crossplex branches.Find the hosts: georgebthompson.com | vanmoody.org | worshipcentercc.org