All right listeners this is like -- you own it if you could see that. Video to this song as it's playing on the on the computer -- -- -- just like I. I am right now. A mark McDougal we have -- king and house -- good friend Craig Miller. It is under the weather but that doesn't mean we're not here for you making sure that you get your weekly installment of why -- you -- and as we promised we're going to be talking life insurance here shortly and the hustle. Jury holds Bank of America liable in a mortgage. Possible trial a major win for US government a jury Wednesday found Bank of America -- liable for fraud related loans it's Countrywide Financial core units sold to. Mortgage finance giants Fannie Mae and Freddie Mac in a program called the -- hawk in 2000 and -- seven and 2008. On the Justice Department is close to finalizing a thirteen billion dollar settlement in addition to that one. -- JPMorgan Chase that resolves a probe into the bank's past sales of mortgage bonds and folks. Is just another indication that this mess that we've gone through over the last 45 or six years though it continues to kind of clean itself up. It is significant costs to all parties involved however. Risks are getting slapped and doubt I will say that anything they're gonna come up with creative name is the hustle. Probably. Warren some form of financial repercussions when you say they're chat -- I think so and also which gives us a little reason to to dance. All right -- Well maybe some blue. His all right folks well let's move on down the road we promised before the break that we've got Europe those interest rates where are today where they had said and done. They weren't get attacked Chad's got a question about those high and pawnshops that we got answer. And -- so let me -- -- interest -- feed here remember this is based upon a 200000 dollar loan amount. Average loan amount these are the national averages so we're pulling this from mortgage -- daily dot com you can go there to check it out. The thing it won't show is to eclipse the -- fine details is being the points and or fees paid with the transaction so again. 200000 dollar loan amount. 760 or greater credit score. Rate and term not refinance or -- purchase transaction with a minimum 20% equity I know lot of details. OK on and on all of these you're gonna be paying closing costs that range from. 3000 dollars up to five or 6000 dollars that's the closing cost range so a thirty year fixed rate was. Just under four and an eight. Charging or you be paying those closing costs plus. Right at one point so just under point what is appoint folks it's 1% on a mountainous and since that would be just to be 2000 -- 1% beat 2000 dollars. On a fifteen year fixed. Charging it. The same standard feet 25 standard there's no such thing standard beast when he 500 to go to 6000 dollars in that range depending on the state. And depending on the mortgage -- you're working with. We're -- just under three and a half percent right at three and three gates. Charging at just under one point so ninety basis points of that would be 18100 dollars in additional. Fees on 82000 Amman FHA thirty year fixed was just under 4%. That is charging in remembered addition of those those fees you also have your upfront MIP that you would finance and you also have. Almost two point quarter in average. Junk charged to get that rates. And we'll give you the Jumbo rates which was on a thirty year Jumbo wrote is creep -- now pretty close two way conforming rate now folks this is based upon. A seventy loan to value of 70% must have 30% equity to get this rate on average but it was just right -- for a quarter. So a lot of variables and their rate term excellent credit all those. And 51 arm is creep -- around three of course been at 3% range for as long as reckon I've been doing the show it seems. So folks what's the most important thing about these interest rates. What do you think. Well it's what you Haiti. To get those and have you done the breakeven formula so you -- really sexy sound in three and seven dates. It cost you 5000. Dollars in extra jump to get or just say 5000 dollars period to get. Purses so you pay 5000 dollars to three and 78 or you do -- one quarter and you don't pay a 5000. The difference in your payment chatting and put you on the spot let's say the difference on your payment is fifty dollars a month at three and seven -- I pay if I pay 5000. Finance and men too it's not really paying as it. That's a joke. So why I pay those high finance and then and I am my payment is fifty bucks lower than if I did for a quarter. And I. At that point or 250 bucks difference in payment so. We can do the math it's. Five that human he -- a hundred payments bingo so their breakeven to get to a breakeven point it's gonna take. 100 months in this scenario too when you go. Cool I'm glad I finance those costs is now saving fifty bucks a month. After one -- months so folks work with a certified mortgage planner let him break it down for you to show you which is the right. Loan for you. Good -- my friend all right you know the deal folks should he stay. Or should you would go. All right. Eddie and valley park Missouri asks. Have a home -- 44500089000. Dollars on a first mortgage and 171000 dollars on the line of credit my rates or five and a quarter and three point 99 respectively. I plan to stay in his home for ten to fifteen years check combine my loans into a new fifteen year loan or just sit tight. Would that's a good model -- Chad you gonna try this on. Where do you believe it and I. A little silent cadence maybe not so skilled professional I -- that on in your hands are folks five and a quarter and three point 99. Okay. I am going to recommend it that's you will. Blend the two of those is that three point 99 is gonna be on a on a variable rates. And so you should go. You can lower that rates get it -- a significant chunk can do it likely is a no cost. And to save yourself some money get an average blended rate of in the in the -- worse. And out rule the two together and pay them off on that fifteen years or you can even consider. A mortgage planning strategy the depending on your other financial metrics. Their financial pieces in your life. May consider doing it thirty year mortgage and ensuring that you've got balance you've got investments that will help you protect yourself in the event of a change in your life or. Just simply get ahead and take advantage of the opportunity to look at fiery return so folks. Short answer was get the heck out of that loan you need to go go go all right Chad. But -- before we jump into the real real. Work that you're going to help our -- help us accomplish on the show today which is talking about life insurance let's. -- a question about the the pawnshops. Lies just curious what they were we don't know what kind of what they were violence and it's that you. He said they have higher and customers but -- so there's a little bit more higher end product and yet there are around so it's it's you can imagine if if I'm someone that. A nice a 101000 dollar watch -- A piece of our work it's you know a 20000 or piece of -- or a collectible car. Upon shop where you're going in and you know on your time man exterior of your legacy your VCR to tell item that's half and it might tell you that I David did that whenever I was nineteen. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Andy Warhol paintings on on the -- high end. You can go and you can call that you can email more online at. And you couldn't they can go through their own internal appraisal and they will give you terms that might be anywhere from. Two or three or 4% on the low end per month got to cash situation they're gonna hold your collateral. And to the rules with a different states are different verses if you do commercial loan. Were if you do that a residential loan so they can charge higher interest rates legally. The advantage do you as you can get cash in pocket much more quickly so if you're in a bind to create -- We're not to come in in this. But I'm gonna -- for in a bind -- -- -- a distinctly TP goods. They say the average pay back is three to six months and do your math on it a good way to possibly get some value for -- pinch. I -- your -- could be a baseball card collection one of the companies that are average was they've done up to a million dollar loan. And some of the -- their average ones are five to 151000 dollars is enough the landing for these -- and valuables. No way. It's already -- break apparently OK folks we come back we're gonna trudge on through him as promised we're now attacking talk about life insurance how much do you need. Y eighty needed in order suggestions to make sure -- get not just the right amount but working with the right company. So in the event something happens you are prepared OK folks like -- you want it back if you.