Jimmy Knows Loans

11/18/2024

"Can I buy a house while still paying off student loans?"

Short Answer: Yes

Long Answer: Also, yes, and...

Lenders focus on your debt-to-income ratio (DTI), not just the fact you have debt.

If your monthly income is $4,000, lenders want your total debt payments PER MONTH typically to be under 43-50% of that.

So, if you can comfortable manage your loan payments and other expenses, you can get a mortgage.

11/14/2024

"How do I build wealth even if I'm starting with very little savings?"

I'll give you 3 ways how:

1.) Set a Small Savings Goal: Even $50 a month makes a difference over time. This builds the habit of saving, which is the main key.

2.) Consider a Simple Investment: Look at high-yield savings accounts or index funds. For example, %50 invested in an index fund earning 7.00% could group to nearly $3,000 in 5 years.

3.) Focus on Being Consistent: It's not about how much you save; it's about sticking with it. Over time, these small, steady contributions can grow significantly.

11/13/2024

"What if I can't keep up with the rising costs of homeownership?"

It's a REAL concern, but here's how to stay ahead.

To manage rising costs, ALWAYS start by choosing a fixed rate mortgage. Your payments will stay predictable even if rates go up.

Then, each year, set aside about 1% of your homes value for maintenance. If you buy a $350K home, that's $3,500 in savings for repairs and upkeep.

These are super small steps that can keep your home affordable, even if other costs rise.

11/12/2024

"Am I making a huge mistake by not buying a house sooner??"

Here's the reality of the situation: It's less about timing & more about what you gain when you're ready to buy.

Owning a home can be one of the best ways to build wealth, with homes appreciating on average 4-5% each year.

Buy beyond appreciation, homeownership gives you stability with things like fixed payments, tax benefits, and building equity.

So, it's not necessarily a mistake if you wait. I always say you buy when YOU'RE ready.

The key is that, when you do buy, every payment you make goes into building your wealth.

09/19/2024

MORTGAGE RATES DID NOT GET BETTER YESTERDAY!

They actually got a tad bit worse....

"But didn't the Fed cut rates, that's what all the headlines say!"

For the 1st time in 4 years, we have a Fed Funds Rate cut.
..My people, this is a good thing for us all - BUT....

The Fed Funds Rate controls short term lending rates, does that REALLY mean for you and I?

Home Equity Loans, Credit Cards & Car Loans all will be affected for the better by yesterday's announcement.

The Fed Funds rate is not directly correlated to mortgage rates.

Mortgage Rates have been slowly but surely improving over the past several weeks...yesterday's news had virtually no effect on the mortgage interest rate market.

Always keep in mind, mortgage rates are heavily influenced by economic data. Is unemployment on the rise? Is inflation slowing down? Are people really eating the dogs and cats (this has absolutely NOTHING to do with mortgage rates lol).

Whether you're thinking of buying, selling, or refinancing, it's important to get the real story on rates, and plan accordingly.

✌️&💜

07/22/2024

Story Time:

Last week, I was able to help two LONG TIME renters buy their first home, WITH NO MONEY DOWN.

A previous of client of mine had a couple renting his home from him for the past 8 years. They tried to get qualified last year to buy my past client's home from him, but didn't have the funds for the down payment / closing costs.

My past client reached out to me 3 weeks ago to see if I could help them.

Luckily, we were able to place them into a down payment assistance loan that ate up all the costs and down payment - allowing them to purchase the home they've been renting for years, with literally $0 to close!

I am very blessed to have the opportunity to make an impact on people's lives....this was a WIN WIN for both my old client and new ones.

The new homeowner's are now paying their own mortgage, not someone elses!

Remember: You just need to START somewhere - Start with me, I'll get you where you need to go!

Home financing made easy with Jimmy White Group, Leader One Financial in Mokena IL. Call 815-979-0527 for personalized mortgage solutions & expert guidance.

07/18/2024

Here's 3 Ways to Back Out of a Real Estate Contract (I'm not Joking)

1.) Financing Contingency: If a buyer is unable to secure financing because their home loan application is denied or the agreed upon finance terms aren't met.

2.) Appraisal Contingency: If the property does not appraise for at least the contract price, the buyer may have the option to cancel.

3.) Home Inspection Contingency: If the home inspection reveals issues or defects that the buyer is unwilling to accept, the contract may be canceled.

An accepted offer and executed contract is a "meeting of the minds" between buyer and seller but it does not mean that the deal is officially done.

✌️& 💜

07/10/2024

BET ON YOURSELF 🙏

07/08/2024

NEVER buy a house until you've thought about these 5 things!!!

Number 1 - Safety

Google the crime rate or anything about the safety of your potential new neighborhood. You can even ask the locals there to have an idea.

Number 2 - Commute

How long does it take for you to get to work? You don't want to be stuck in traffic for hours and doing that 5 times a week.

Number 3 - Job availability

The stream of household income HAS TO continue even after you've moved. Make sure you're able to keep your job or find a new one around your new home.

Number 4 - All things Health & Wellness

Is there a hospital close? How about a pharmacy? Do you have availability to gyms close to the home? Whether its for lifestyle or emergencies, these amenities are good to have nearby.

Number 5 - School

If you have kids, is there a school near your place? What is the quality of education like?

✌️& 💜

07/01/2024

This ONE rule will stop you from EVER making another impulse purchase again.

I am a huge IMPULSE buyer, so I need to take a bit of my own medicine here. The number 1 culprit to higher spending is giving into impulse purchases.

Whenever I see a 30-50% discount, I immediately think its a great deal and I can't turn it down.

So I created a 7-day rule.

It's a simple system to fight any impulse purchases I might have.

Every time I want to buy something that falls under my "wants" I list it in my notes app on my phone.

Then I wait 7 days to decide if I'm going to buy it.

If after the 4 days I still want to buy it, and it fits the budget, I go for it.

A full week is more than enough time to consider if something is really WORTH buying.

On some occasions I find myself thinking "I actually don't need that right now."

There is a beauty to the 7 day rule!!!

✌️& 💜

06/25/2024

One thing I'll never forget is my first ever client who fired me 🤬

This was actually the FIRST client I ever signed up....and it turned into a disaster.

My 1st client was a referral from a family member, and I was so inexperienced it hurt.

Ultimately, that lack of experience resulted in bad communication, and bad service levels on my end.

Before I knew it, I was fired, deservingly so. Back then - I thought it was the client's fault and was furious....but looking back I was so wrong.

My point is this - I think about that first client often.....because after I got fired I thought the mortgage business wasn't for me, I need to find a new job....I won't make it.

It takes time to perfect your craft, it takes L(esson)'s to learn and be better.

9 years later, I'm grateful to still be here, doing something that I love, elevating and impacting those I come across.

Turn your L's into W's.

✌️& 💜

06/24/2024

3 Home Improvement Mistakes You Must Avoid ❌❌❌

Every home improvement you make doesn't instantly add value to your home. Some can actually do more harm than good.

Before you convert your kitchen to a tiki bar (if you do I'll be right over for the party)...just hear me out.

Mistake #1 - Doing it all yourself.

The guy or gal on YouTube may have taught you everything you know, but if you're not truly experienced, do yourself a favor and hire a professional.

Mistake #2 - Following the latest trends.

The farmhouse look might be trendy today but once the hype dies down, you'll be left scratching your head or might have a difficult time selling when you're ready to move. Be cautious about the different trends out there and when in doubt, consult with an expert.

Mistake #3 - Not EVERY home improvement increases value. You won't get a $ for $ return on most improvements you make. In most cases, you'll only get a 60-80% of the cost back when doing renos.

THE BEST APPROACH is to make improvements you and your family NEED in order to make your life more convenient and comfortable.

✌️& 💜