Home & Wealth | June 2025

June 4, 2025/
HOW TO TELL YOU’RE DONE WITH RENTING AND READY TO BUY  
  Are you ready to make the leap from renter to homeowner? Buying a home may seem more complicated than paying rent once a month. Yes, there’s some work that goes into purchasing a home, but we can make the financing part simpler, and a good buyer’s agent will ease the rest of the process. In the end, you’ll live in a property you can call your own. Instead of enriching your landlord, part of your monthly mortgage payment goes to you as you build equity in your home. Plus, in many areas, your monthly mortgage payment may wind up lower than your rent. You’re ready to be done with renting and ready to buy your first home when: 
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Your rent keeps going up. If you’ve been renting for a few years, you know your rent can rise at each lease renewal. Zillow reports the typical rent for a multifamily unit went up 0.7% in March, outpacing the 0.6% month-over-month rent gain for single-family homes for the second straight month. Experts expect rent prices to keep rising. But for homeowners with a fixed-rate mortgage, the monthly payment doesn’t usually increase, which is one less thing to worry about.
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You know where you’ll be for a while. You’re happy with your job. You have a good idea where your life is headed in the next few years. You don’t anticipate making a career change or relocating to another part of the country. So, if you’ll be staying where you are for a while, it certainly makes sense to put down roots and buy a home. Your income is steady. If your finances are in good shape and you have a stable income, you’re more likely to be approved for a loan. Plus, your solid financial situation lets you take on the responsibility of maintaining a home.
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You have started saving. If you’ve started saving, you’re already on the right path to homeownership. Beyond the cost of the home itself, it’s important to plan for additional expenses like closing costs, moving, furnishing your new space, and any initial updates you’d like to make. It’s also wise to set aside funds for unexpected repairs. Every situation is unique—reach out to me to discuss how your savings align with our product offerings and what you may need to get started.
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You’re paying down your debt. You needn’t be debt-free to get a mortgage. When I review your application, one of the key things I look at is your debt-to-income ratio (DTI). If your DTI isn’t too high and you’re consistently paying down your debt, that’s a great sign. You have checked your credit score—great step. Your credit score plays a role in determining which mortgage options may be available to you. If you’ve been managing your finances responsibly, your score may be in a good range, but requirements can vary. For the most accurate guidance, connect with me to review your credit and explore the programs that may be a fit for you. You’re also entitled to a free credit report every 12 months from each of the three major credit bureaus at AnnualCreditReport.com.
The Jim Passi Team at Citywide Home Loans proudly serves Illinois, Wisconsin, Michigan, Indiana, Georgia and Flordia. If you are looking to buy a home or refinance, we have you covered. Apply Now to get started.
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Jim Passi - Citiwide Home Loans

Jim Passi
Regional Manager
NMLS# 158000

1121 E. Main Street, Suite 121
St. Charles, IL 60174
Mobile: 847-899-1813
Email: jim.passi@alamedamortgage.com

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This testimony is from my

This testimony is from my experience being a first-time home buyer going through the process of purchasing a home with Jim Passi from City Wide home loans. Let me just start off by saying how reliable, courteous, genuine, informational and hardworking Jim Passi is. Jim is not like a lot of other loan officers. My house I purchased for under 160 grand, not a huge real estate deal. From experience with other loan officers they don’t want to deal with a smaller purchase or work on a loan that might be difficult. With our credit score being low and work history not at expectations I was almost positive I would have to wait a year or maybe two years before being approved and close on a house. I definitely had doubts that I would be a home owner, Jim worked hard and stayed in contact with us updating us almost every day of the process, even during evening hours and weekends during the stressful underwriting process. Communication is key and I give Jim a 5-star rating with that. I consider myself an average blue-collar hard-working guy that has experienced hardships during life. Jim was never turned away by the hardships, he was understanding of them and I feel like it made him work even harder to make this process a success.

I just successfully closed on a house with my fiancé. Jim did what I thought was impossible. Again, with our credit score being under 600 and spotty work history it was a difficult process that became a success with a lot of hard work. Jim also got me the best interest rate that was available. He was constantly checking the market and keeping me informed on what was available. He wanted me to take my time and make sure what rate was in our best interest. Jim has a cretin genuine care for his clients and speaking with him so much during this process I know he truly cares and wants to help people. Even after we closed Jim called and congratulated us with excitement. Jim made a dream come true for us that I was sure we would have to wait for. I’m just going to say if he made my dream come true with all the problems I had he can make a lot of others come true for any one in a similar situation. Jim Passi is highly recommended.

Tim A.