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KMBZ>Audio & Video on Demand>>Life As You Own It 1.22.14 Segment 3

Life As You Own It 1.22.14 Segment 3

Jan 22, 2014|

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  1. Life As You Own It10.24.14 Segment 2

    Audio

    Fri, 24 Oct 2014

     

    interest rates found at 1:48, 2:48, 7:54

    May be conventional but there's going to be some significant adjustments to interest rates . In a situation like this you're gonna wanna have a significant down payment if you're trying to go conventional because most mortgage
    a little bit now you're able to get a little bit better interest rates you're able to get the mortgage insurance products that are out there. And and it's going to be more formal process remind them home now 700 above is is really ideally where you wanna beat. And we tell you there's adjustments 707 when he sat between a 7474. You know above typically 760 or higher. He would qualify for the lowest PMI rates if you're not put in 20% and you can get the lowest mortgage insurance rates. Just gonna qualify for the lowest interest rates . 74760. There are some minor adjustments and once you get under 740 even though somebody with a 725 would be considered good credit score . He will pay slightly higher interest rates may even an eighth of a point higher the somebody with a 740 some odd score. You're over 700 but not quite the 720. You're probably paying about a quarter point higher rate than your neighbor who might have that 74575760. Score how much is an impact. Q well a 200000 dollar loan now thirty bucks so month. And I overtime nets in and a so it's important maximize the scores folks into get your foot in the door and deeply wanna be keep in mind to use that if you have a 76 year our credit score . Or 740 or seven when he or anything in there. Government loans there's not an adjustment so once you qualify for getting
    ugly Chris or what's gonna happen well you got some real pretty credit score a threat to get through pretty Chris the war. Anyway that much of the southern accent housing you got a real pretty credit score I don't know which your hand what's that mean mighty sale like that. Because I'm from the south right so all it does happen well we get this question a lot mark and you've got the answer what's it gonna be the effect with that. Lower spouse score well it is going to impair your ability possibly be at alone and it's definitely gonna hate you or interest rates they're gonna take the anyone who's gonna take the lower. Median score some median is gonna be that middle score. So if you've got to if you personally have a. 76740. And a 750. Your mid score is 750 if your spouse has a 68630. You know 610. His or her mid score is 630. So that means they're gonna have to they're gonna grade you as credit worthiness of a 630. Credit score which is going to make you work. Deal not real attractive if you even qualify. So yes it can edit what what
  2. Life As You Own It10.24.14 Segment 1

    Audio

    Fri, 24 Oct 2014

     

    john mark found at 10:16

    its keep on keep it on him. All right we're back live John Mark McDougal that I joined by Rosa vote you're filling in for Craig Miller we thank you for hanging out with a as
  3. Life As You Own It10.24.14 Segment 3

    Audio

    Fri, 24 Oct 2014

     

    tax efficient found at 4:23

    have more complexity but you have more opportunity. To put things any tax efficient fashion into you were the state. And to you know that's all we want avoid tax man pass on the warriors take
  4. Life As You Own It 10.17.14 Segment 2

    Audio

    Thu, 23 Oct 2014

     

    investment properties found at 12:36, 13:08

    hearts go South Carolina called the hotline to ask I purchase cheap investment properties in the last year and a and a total of five properties now. Including my house I live. I had mortgages on
    it to work at a higher rate of return and what does investment properties are yielding. And ideally they were cash flowing before you got this inheritance if not need to sell it anyway. And if they were your major money there. Get this inheritance to work for you at a higher rate of return then now what's writing off that expense for those investment properties is costing him so. You need to go you need to stay stay stay stay invest that money work with the financial
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Automatically Generated Transcript (may not be 100% accurate)

Our friends we are back at life as you -- it wrapping up the show's final segment of the show. Those of either just. Salivating over others and big cities and his main reason I love the little one of those big cities you might have the opportunity to make she do that math. Those places are expensive -- been some of those places and just hanging out for a few days you look at how much you spent on. Lodging and food here. Wow that was not cheap but. That can be good time probably good place to visit most of those. Then Marcel is there's a good place retire to each -- only now don't just cause we're small town boys that mean that a lot of our listeners are sophisticated. Urban dwellers fact we know a lot of -- that's right to -- -- -- we will tell you this when it comes to. Stepping off that topic and into the next topic real quick market -- a touch on. Don't believe the hype when it comes to interest rates I'll -- that most people right now are very nervous. About rising interest rates -- talked people daily think well I'm a few months away six months away maybe even a year away from building a home work. Relocating or whatever may be and they're scared to death rates are going to be 8% or something and they're gonna you don't have to pay double the interest -- -- to make the move. That won't happen but they'll also tell you what else is being hyped up by most mortgage lenders out there. Well two things one all the sudden now they have such sweet. Soft advertisements about our company's huge help -- who went for that are cabbies here to talk to you it is something to make its Alex better than that -- -- head off. It's just kind of played here is that they say that I don't look important you're you're here unseemly if you were riveted Armstrong is always -- in years and people try to -- call everybody that's yet they just that this so hyped up -- give me the what may -- mean the ones alike. We're gonna save you thousands upon thousands but millions of dollars into use and he is yet whatever. All that stuff that that. Was said before is shifted now to you were -- bringing home -- -- help you with this wonderful adventure of buying a home or refinancing hump. Anyway here's the deal pay attention distinct in fees and engineers -- commercial. So that was good it was kind of relaxing yet have voice on seeing all these lenders trying to talk people into paying points now to buy their rate down. And -- convincing and it's a good long term investor I would say that it's rarely get a pay off to pay points and binary down and I also make this prediction. I don't know that these three years four years five years or what but sometime within the next ten years or less. Will be back to another super low rate cycle are -- will go back into another recession. The tactic of buying mortgage backed security bonds. By the government to submit interest rates to some degree will be played again that that worked well enough this time around I'll do it again so. Folks don't buy a bunch of points thinking you'll never refinance ever ever ever ever again. And try to buy your -- way down to levels where they were six months to a year ago. It's not gonna pay off. Don't keep talking to the silly stuff if anything paying no fees at all. So that if rates do drop in the next three to six months or three to six years you didn't go backwards with a bunch of -- never recouped. That's my little preaching lesson for today on the updated. State of affairs with refinancing announcing. -- Craig it. Change gears is a little bit on a per capita basis you know the number one state if you one of find your millionaire future husband. I wasn't a question necessarily not per capita. -- the Texas Maryland now that was number one in fact in the state of Maryland almost seven point 7% of households. On had a more than a million in in basketball assets. Pretty impressive isn't it but the reason I mention that is because the biggest rise. That the state that move up the charts the fastest. Was none other than. North Dakota. -- North Dakota where the of the land is glad -- you know why there's all the all the oil is gone all the lawyers -- and gold and oil minute Northcutt moved up to 29 from 42 main followed it don't -- a wide Louisiana. Costa or will cost -- natural resources and natural gas. South Dakota. Following on the heels from 46 to 38 an Iowa. Apparently quote prices this and actually there's natural resources there to -- that have driven up the percentage of -- number 25 almost I would the biggest losers. Guess which one what kind of list. Event from a nineteenth -- 39. Funny money. Goes down in value quick and he assured -- that's right OK folks we thank you for hanging out with -- as we hope you've enjoyed another installment of life as you own it. And come back and check is out next weekend. Police and remember to stake lesson.

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