Money, Mortgage, Mindset

Andrew Karam, Kevin Booth
  • 5.0 (17)
  • Investing
  • Biweekly Series

Two down to earth experts with decades of experience in personal banking and finance. Listen as they discuss topics that everyday people deal with in order to elevate your money, mortgage and mindset to the next level.

  1. Episode 1

    4 Legs of the Chair to Home Ownership

    Everyone needs a roadmap to get from point A to point B. It is like sitting in a four-legged chair - credit, income, assets, and property. With all four legs, you can enjoy the dream of home ownership. If the chair is unbalanced, it’s going to tip over. On this inaugural episode, our hosts walk us through the first steps to success in home ownership. What is your total debt obligation + new house in relationship to your gross monthly income? And what are you comfortable with? As we walk through these questions and more, you’ll be equipped and more confident in your financial choices through the home ownership journey.  It’s all about looking at the legs of the chair and creating a plan. You might be ready now to start your journey, or it might take a few years. And that’s okay!  “People have a misconception that we don’t want to help. I genuinely want to help. I genuinely want to see people get into their home. To see their face light up when they get handed their keys.” Andrew Karam: website | facebook | linkedin | instagram | book a call Kevin Booth: website | facebook | linkedin | book a call

    4 Legs of the Chair to Home Ownership

  2. Episode 2

    Budgeting Mindset

    Credit cards want you to give them interest. They’re like Chinese Finger cuffs – you put your fingers in and you’ll ever get them out. In this episode, Andrew Karam and Kevin Booth walk us through valuable insights in how to set budgets, avoid credit card debt, and create a successful savings plan! “I promise you if you save first you will still get your bills paid. It is a mindset and knowing your starting point. Start out small! “  If you want to save for that next home, there is no better way to start the journey to home ownership than with budgeting. Pay yourself first, pay your bill second. One important thing to realize when it comes to saving and budgeting is that they’re not the same thing but do work hand in hand. However, it’s never a one size fits all situation. We all live different lifestyles and have a diverse set of financial goals.  Go to your past two months of bank statements and ask yourself – “is this an ‘I want’ or an ‘I need’?” For subscriptions and bills, then call those companies charging you and ask if this is your cheapest option. Call that credit card and phone company, they could give you a lower rate. That money saved can better live in your savings account! Life happens. We have now planned for the unforeseen. Andrew Karam: website | facebook | linkedin | instagram | book a call Kevin Booth: website | facebook | linkedin | book a call

    Budgeting Mindset

  3. Episode 3

    What Can I Afford?

    Your house will likely be the biggest purchase you will ever make in your life. Thus, the team you surround yourself with (real estate agent, loan officer) is so crucial in this process.  Join us as we walk through choices you can make today to ensure you’re ready to purchase that house of your dreams. “You don’t own the home; the home owns you!”  This goes for everything – our car, bills, anything we have an ongoing monthly payment on. You also must factor in that you don’t just purchase a house and then you’re done, you just bought into a multiple monthly payment, from water to cable bills. For instance, here in Arizona, your electrical bill is like your car payment in the summer. And closing costs? That will be between 1.5-2.5% of your home purchase price, in addition to a prepay of home insurance one year in advance. Here’s some simple mortgage math - take what you make per month, divide it in half to automatically remove things like standard utilities, then subtract your credit obligations. – then that will tell you what you can afford monthly based on just your income. What this doesn’t tell you is “should I afford that”, which is more of a fluid question. These figures might sound daunting, but we are here to equip you with financial confidence as you purchase your first home. Your game plan for homeownership might be for today, six, or twelve months down the road, but bottom line is if you don’t have a game plan you don’t know where you’re going. Andrew Karam: website | facebook | linkedin | instagram | book a call Kevin Booth: website | facebook | linkedin | book a call

    What Can I Afford?

  4. Episode 4

    To Debt Consolidate or to not Debt Consolidate?

    For the average American, your home debt is the biggest and longest lasting debt you will incur in your lifetime. Everyone in America wants flexibility, and flexibility is what it’s all about because life happens! Something will come up. It is crucial to hope for the best and plan for the worst. “My money is a game, and the better I play the game the faster I can build wealth, the faster I can get to retirement, and the more I can enjoy life without having to worry about money because worrying about money is a terrible feeling.” One of the goals people try to achieve when doing a refinance is to pay it off faster, but you have extended it 3-5 years. Now, keep paying that principle down – there is going to be less $ for them to keep charging you interest on. When creating an action plan for your loan repayment - attack the highest interest rate first, paying the minimum dues on the others until the highest is paid off. Treat it like a game! When it comes to credit and debt consolidation - no one knows the rules to the game, no one taught anyone the rules. It makes it even more intimidating. People do not realize there’s more than one option. One size does not fit all, and we’re here to help customize this to your advantage. Let us make it work for you. Andrew Karam: website | facebook | linkedin | instagram | book a call Kevin Booth: website | facebook | linkedin | book a call

    To Debt Consolidate or to not Debt Consolidate?

  5. Episode 5

    Three Factors to the Mortgage Sweet Spot

    Buying a house is an emotional purchase. And in terms of setting up your mortgage, you may have to give up a little on one to give more to the other. In this episode, our hosts walk us through the financial details including costs, rates and monthly payments to equip you to home ownership confidence. “Rate, cash to close and monthly payment – those are the numbers people tend to focus on and they have to work together to find your mortgage sweet spot.” The key is to find balance in those numbers that make you comfortable in the purchase of your home. Lower rates do not equate to better rates – Andrew and Kevin are professional guessers. A lot goes into the rate percentage and we are so conditioned to lower rates through advertising. Closing costs can also add up to be a considerable part of your loan, and include variables such as prepaids (insurance, property tax, etc.), all county related fees, and title fee. Most people don’t anticipate this in their loan, and it can be a shock. You must determine the sweet spot for yourself - is the out-of-pocket monthly payment or rate most important? Figure out your sweet spot and how it directly relates to cash to close is crucial - what is your monthly payment desire? The best way to get a starting point for these numbers is to base it off how much you’re paying rent right now and surround yourself with a great team in the process. “The team you surround yourself with will make or break the deal; I promise you.” Andrew Karam: website | facebook | linkedin | instagram | book a call Kevin Booth: website | facebook | linkedin | book a call

    Three Factors to the Mortgage Sweet Spot

  6. Episode 6

    Talking Insurance with Chester Winter

    It’s very important to have insurance coverage. A lot of people think insurance is a scam - there is a big misunderstanding of how insurance works. It’s not a tangible thing. Chester Winter from Liberty Mutual joins us to dig deep into insurance policies and why we all need to be covered. “All insurance is great until you need it, then that’s when you separate the good companies from the bad ones.” Insurance companies can be separated into two categories – the 1-800 companies and the more personal ones. If you’re working with a 1-800 company you get what you pay for, and there’s a reason why they’re cheaper. They don’t cover as much and that can leave you stranded when filing a claim. In homeowner’s insurance, dwelling coverage is the most important. Homeowners insurance isn’t for when your golf clubs get stolen – that’s not what’s important. It’s about what if your roof gets blown off or your house catches on fire. Those are the claims you want to use your insurance. And if you have a prequalification on a house – this is the perfect time to start looking at home insurance policies. Take a slow circular video of each room in your house. This makes the claims process and your life a lot easier to remember what you had if a loss occurs. Insurance can cover many categories, from auto, home, annuities, renters, and umbrella policies. Chester Winter walks through them all, sharing crucial information on how they can each best equip us to be prepared for any emergencies. You need to have insurance, let the Mortgage Money Mindset team help you find the best policy today.   Contact Chester Winter, LUTCF Lead Sales Representative Licensed in AZ, CO Liberty Mutual Cell: 623-243-2814 Direct: 623-707-1168 Fax: 603-430-5968   Chester Winter: website | facebook | linkedin Andrew Karam: website | facebook | linkedin | instagram | book a call Kevin Booth: website | facebook | linkedin | book a call

    Talking Insurance with Chester Winter

  7. Episode 7

    Let's Talk Docs

    During the home buying process, accurate documentation is essential. But it can also get stressful on a 30-day buyer turn around. In this episode, Andrew and Kevin walk us through what documents we need and how to be prepared in the home buying process. “I am only as good as your documentation and how you fill out that loan application.” Documentation beats conversation. Make the documentation match your story. For the real estate underwriters, it’s all about packaging the story for a smooth process. The fewer conditions you have as the borrower due to great packaging, the less stress there will be in the process. It is in your best interest, as the borrower and future homeowner to be upfront, honest, and clear from the get-go. Underwriters are like researching ninjas, they have ways to find everything out. If you’re not truthful in this process as the client, you can grenade the entire deal. The documentation process is a checks and balances situation between us all and we’re here to help you succeed. And most importantly, ask for help! Don’t go through this process alone. We want you to get approved - We take satisfaction in seeing that we help someone get into their home. Andrew Karam: website | facebook | linkedin | instagram | book a call Kevin Booth: website | facebook | linkedin | book a call

    Let's Talk Docs

  8. Episode 8

    Navigating the Credit Jungle with Trisha Palmer

    The biggest investment you can make in your life is your credit. In this episode, Trisha Palmer from Continental Credit joins us to bust the myths on credit and share ways to better your own score. From Credit Karma to credit cards, we are here to equip you to a deeper financial understanding. “I always tell people credit is like friendship. If you have no history, it’s like we’re new friends. As a consumer, if you can equate your credit to friendship, from day one it’ll put your credit on the right path.” Derogatory items hold score down. These include items such as medical collections, credit cards and public records. Fortunately, these can also be the easiest to get off your account and score. Credit companies such as Credit Karma and Experian run off their own algorithms – not the same one as your bank would use. They’re great for monitoring but will not judge as harsh as a mortgage pull. The credit world is like a maze in the amazon jungle and Trisha has the map. The biggest investment you can make in your life is your credit. You must take a step forward for anything to change.   Contact Trisha Palmer Regional Account Manager  Continental Credit Phone: 435-922-1401 Email: Trisha.palmer@continentalcredit.com Trisha Palmer: website | facebook Andrew Karam: website | facebook | linkedin | instagram | book a call Kevin Booth: website | facebook | linkedin | book a call

    Navigating the Credit Jungle with Trisha Palmer
See All Season 1 (16)

Trailer

5
out of 5
17 Ratings

About

Two down to earth experts with decades of experience in personal banking and finance. Listen as they discuss topics that everyday people deal with in order to elevate your money, mortgage and mindset to the next level.

Information

  • Creator
    Andrew Karam, Kevin Booth
  • Episodes
    16
  • Seasons
    1
  • Rating
    Clean
  • Copyright
    © 2024 Money, Mortgage, Mindset
  • Show Website
    Money, Mortgage, Mindset