Life as you -- with mark McDougal and Craig Miller. Remember you've got questions we've got answers 804924664. You may not take time to educate yourself about the single worst investment and opportunity you have. -- investment in the roof of your head in real estate we talk -- your home financing make investments in real estate we keep -- -- Tokyo is just go back. -- Craig Miller mark McDougal -- -- mark McDougal a great motor. I don't doubt it -- RI this is life is you -- thanks for checking out the show and we hope that you enjoy is so much you tell your friends or family or neighbors. You were your FaceBook. Powell's Europe tweet Nader's all of those -- you you get them over to. Like if you want to check on your local affiliate or you can podcasts that show so estranged check about it I heart radio okay so. Craig big showed that big show we'd be okay what do perfectly. It's just perfect strangers somewhere in public in the next 24 hours and -- -- -- into life as you and that's right and so on. The weather is -- some places. The where we have listening audience and on it's it's cool in the midwest where the intergalactic headquarters of that life as you want to show our. But the real estate market pretty much across the United States in most markets it is. Pretty warm. And it is he not quite. Nicely in some markets so where the show that you can catch not only the latest interest rate trends but also how to negotiate your best deal on a house. What to look for and today we're to talk about realtors that are walking and though lock. Or walk in the talk or talk in the -- one of those I think the walk in the -- and -- -- -- and -- in -- and -- walk yet you're gonna find out what the heck we're talking about if you stay tuned throughout the are also. If your plane from mortgage. What it should. And shouldn't look like Craig is gonna drilled down on that's also how much life insurance do you need -- machine need. I'll get a lot of life you know much but I don't hear irreplaceable body yeah so why we need -- put a price have to have like Richards equivalent to the US national debt which is. Now what my value would be. Problem is it is to me we're almost infinity on the national day of any -- yeah we've gotten questions you need to ask yourself and your family to make sure you've got the right. Announced and also realtors. That work both sides of the transaction -- called dual agents. And dealt what are they what are the good for and why does that matter we're gonna go to that later in the hour. -- by realtors. A lot of dual agent died on their work. Islands in the and given information just to fill their pockets and they're gonna bowl he'll listen. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- No okay but you've probably -- he's here to tell you is pregnant simple let it affect the adulation I thought well you were and a when you're in the -- throws job in the union I was actually an army you know we're in the navy graph okay we'll just struck conversation they're so and those that have served it. We do appreciate your commitment to our country -- our way of life and thank you so much for each and every day that you put your life on the line and a help us have this great great life that were for -- our first time listeners they don't know what they're listening to -- that's fine happily share a little bit what we do. Every week likely you aren't the guys tuned into the right place if your first time listener this is the show where if you own it we're probably gonna talk about -- don't get in the fashion. When I can to get into what's your pantry probably although apparently some dialogue honestly don't get in a fashion but we are gonna talk with things that matter most your largest investment your home. We're -- palpable but life insurers today your financial plan your your estate planning taxes. It's going to be covered. Would keep it around the home usually we wanna help you those real -- investments your primary residence -- models you name it we're gonna cover if we can help you maximize -- well informed empowered consumer that's our job here. But if you stay tuned every week you're gonna pick up a lot of additional information and of course recover rates every week we give either. Trends -- rates have been where they're at now where we're probably heading things that you need to know so you can make those decisions going forward as it pertains to refinance purchase -- you name it. -- Pace shout out to our friends at KUDL 1660. AM in our backyard Kansas City and also a lot. Take you AM 1480 am Wichita we think so much for being a part of the life as you own network. And we're glad that your tuned in to those fantastic stations. And folks. We're gonna get the show underway but wanna make sure that you know you can and now in the coming to a theater near you actually got Christian. Christian Le Roy is in the studio here and he is getting some footage so that if you if you Google I enjoy it on YouTube here in the probably in the coming weeks you can find a little bit of little bit of footage on this summer that might even be -- edited you notify how can we really are that's right you can see what goes on there. Behind the scene and he seen image behind the scene agent during the breaks of life that you don't show. And we are thankful Christian and we're thankful to you that -- when checking out some go to YouTube. Type in their life that you own it and you can find some of the footage to include probably tidbits from the show tell. So Craigslist jump in interest rates where where they'd be where they be headed. Let's talk about it every week folks who bring you the national average the national average is based upon a 200000 dollar average loan amount 20% or more equity. Somebody with excellent a perfect credit. To keep in mind obviously things can affect you were quote the regular what you would qualify for is that as you know with regard to what terms -- rate. If you got less than perfect credit smaller loan amount -- the big Jumbo loan. Maybe not much equity only duties as general national average guidelines. Doesn't mean you can't find a better deal the thing we want you to hone in on his where rates kind of hovering. In mind decent shape in that range but what are the fees and -- to watch those fees and costs folks because the rate is only one piece of the story. As I mentioned this 200000 dollar loan amount average and also every week we share with you with the average point people are paying -- right at one point one point is 1%. Of your loan amount. You pay one point under 200000 dollar loan that's 2000 dollars. And that is an addition to in many cases. The fees and closing costs that the lender may pass on you for title he's appraisals. They're junk fees what a good call so. Pay attention to those fees and costs folks that's the part they can really get -- we always recommend that you go to our website check out the breakeven formula. Life -- dot com the breaking -- is crucial in this mix because we want you to know how to figure out how much money you're really gonna save how quickly -- break even. Those fees and costs when when you drop interest rates so you right into their thirty year fixed four point 33 average over the past week. That was averaging about four point 39 the week before. We have seen rates improved slightly obviously. The general technical trend however is that rates are on an upward swing so we've had a little relief their rates are lower could be great happy to lock in a better interest rates. But you're gonna have to do so fast because I still believe that rates may creep back up again next week what's causing -- stock market took some did it being it took some hits. Over the past week as you may have seen and so we achieved quite a bit off the -- shaved 22 and a half three points off so. That -- a significant impact on where those investors parked their money they were selling stocks and parking money in bonds helped mortgage rate slightly. Fifteen year fixed rate 3.3 eight. First 3.4 five average the week before in last -- 51 arms averaged 3.4 seven vs 3.5 five so pretty significant move in the just -- mortgages so the Libor index must have been lowered. FHA four point 21 vs four point 26 on a thirty year fixed FHA. Remember folks there government fees involved in government loans like FHA VA center. You've got to pay attention all the costs and -- compare loan types loan terms make a well informed decision do the math. If you're not and we're gonna talk but this will the later in the show what should look like when you play for a lot of what it shouldn't. But if you're just being dictated Q and you're not really knowing what to ask you know doing the math for yourself you may pay too much remember that always. And what do we have here with. All right as the should he stay or should -- secondly you get this your scenario we'd give you an answer as to whether you should get the heck out of that mortgage get the heck out of that relationship get the heck out of that. Shirt you're wearing gray like no please you don't have -- to get -- sure you get Beckett manager. -- a week tell you if you should stay or should you get to -- visionary and we may take it on era. -- Manhattan Kansas he -- I have a rate of five point 75%. On a fifteen year loan with about eleven and half years left. I -- 56000. Dollars in my house is worth at least a 100000. Should I refinance or leave -- live news in the you know. Refinancing thing definitely go all right Frankie you got the word from the doctor you need to go what the fees and costs that she can definitely dropped every day on the as we zero time what's fees and costs watch these costs watch these costs can get a Craig. Walking the talk. -- the walk walking the walk all of -- interesting little fact always hear from the Wall Street Journal. Realtors. Guess what 81 point 9% of them that earn less than 25000 as the annual personal income. Are homeowners out which is 25%. More than homeownership rate for all individuals and Manning -- Make it less than 25000 dollars skittish they write a lot of their encounter you do I don't know what happened they. We can't afford don't know home if you make less than 25000 dollars to realtors in you can imagine and if they make more than a 100000 dollars almost 91% of them are homeowners but that's why -- 89% of your homeowners you make 100000 dollars what to say the wealthier buying homes the last wealthy if they're not realtors aren't. By the -- stay tuned. All right friends we are back. Life as you own it. If you missed the first segment. Three winds hit 31 but that you have in mind and I reckoning you sign up for the pod cast of the show. Or he can just. Go to the architecture is can they still do that mark and he listened on the site on the lips we also got -- wife usually. Dot com at find out yourself that's right -- let -- questions questions at like you own it or. If you need some help on your scenario. You need some advice she need to straight shooter. Or several straight shooters call 800 point 24664. One of the team members -- -- on that network will be happy to give you some great advice. You may even want them to handle your transaction. And they will be pleased to do so 804924664. You can even ask for doctor Miller OK we say doctor affectionately he's not actually Ph.D. Unless you consider he's the director of the and he's not that was a joke -- I found one MIA -- now I'm that died early hoping we've got your daughter it's DOC UT HER. There you hear Mary's and -- Or is that our mortgage planning so -- you can work with Craig Miller himself SaaS for Craig musical okay Craig what's next Russell. I think people should be emailing their questions question request she ends with Jerry wouldn't just like harassing the -- yeah. I think he should begin -- more frequently we're getting a lot of people email Michelle agreed that challenge any of you listening to call the 800 number 8424664. Or. Email us because -- We will give you this I mean you get the answer back I've had people that it's in these emails in their social presence in the email back I well I really did -- a response like -- you need to go ahead and do it. I'm gonna start on it so they're gonna do now swisher response time on those credit. Usually within our heels aren't couple hours okay so let's talk about the ideal mortgage scenario what does it look like. Craig. Tell our listeners if they're they're applied for mortgage whether to refinance or purchase. Give us the details what what should look like and what does that look like they might be two different things I'll tell you it often looks like first. Let off the looks like for most folks is that you make a phone call you've been referred to someone you heard it ban on the radio you saw on newspaper print -- TV commercial whatever the case. You were prompted some means or another to make contact with a mortgage lender and but he called that lender they begin -- series of probing questions which involves simple things like your name address the university's period ever did birth. That's it usually what happens folks is that you call someone a battle -- you tell him wanna refinance. Because I think campaigned in -- or hey wanna get preapproved 'cause I'm looking at my house. And they quickly. Lose TD vital stats that they need to take down in order pull credit report. The last real information about where you work how much moneymaking before you know -- -- a pre approval letter in your hand before you know you're getting quoted a raid on a thirty year fixed rate mortgage refinance or -- type of term that maybe. And that's about it. Get a payment quote. Sounds like if it's your budget or yes we can pay these credit cards that you're paying on -- -- interest honor whatever it is off I mean whatever the scenario you're getting eight. A very quick. Solution to your most immediate question and you're not being asked in the other questions. Were given any advice that's what it looks like probably nine point. Seven out of ten times. When you call mortgage company and that's not at all what it should look like in you should be very leery of any. And you're making a major financial decision making major financial investment if you're buying a home or your refinancing. Is committing to financial terms that can seriously affect your bottom line. It should look anything like that folks -- should look like is this. He called the professional who has concerns for your short term plans your long term plans. If you were with a financial advisor if you work was an accountant. What type of retiring -- set of how many kids you have. What your plans are to help them or not help them at their college what planning to be done so far to help with that many many other factors your job things about your job how secure -- -- your job are you upwardly mobile he expected any major. Change is financially in the next you know two to five years whether you may be. Income decreased income increased. There's so many potential factors that need to be sat down and evaluated so that that professional. Can you be very sound financial advice. I recommend before buying a home. Before you make this major investment if you work -- account if you work and investment advisor that you -- delta advisory you have a good grasp of where you are financially. And make a decision based upon advice of your wealth creation team we've always called a wealth creation team that's people around you who are professionals and very good in their. Particular field and advice he says it's going to be your countless can be your advisor financial advisor is going to be a mortgage -- You may throw on the makes their additional. Party that you trusted person in your family or friend or somebody that you -- as -- accountability partner an expert in something that you invest in or otherwise so. What -- look like folks is that you're being asked a lot of questions that a first you may think you're irrelevant but it's very hard very much relevant to. What your financial goals are so that the mortgage that you're matched up with even I don't care how much you know. I don't care how in command of your finances that you believe the York. Someone should care enough to ask these questions because they wanna make sure that they have covered all the bases for their own -- to -- you really sound advice most people order takers. And they're gonna say hey yet you qualify for this here's what your payment would be here's what the rate is right now lovable. Should look like -- folk so. Word of the wise I talked to people daily who are looking at buying a home for the first time -- united for the first time the realtor told the going to pre approved. They're calling me saying. Well I've talked to one company party got a pre approval I just thought I'd look for better interest rates and before you know twenty minutes in the conversation they're finding out that it wasn't about the industry at all. They had no advice given to them in many cases they were going down the wrong path and nobody was gonna stop so. Find -- certified mortgage planner. Work with a certified mortgage planner make sure that person is doing the practices the certified mortgage planner would commit themselves to in such -- using the title as a means -- Make themselves seem like a greater. You know or higher level expert and that's what you need to do before you take on this major financial transaction there -- They should be armed with the education in the information that help you look at this like the largest investment you will -- in your life. And folks the reason we do the show is 'cause we want to encourage you to look at. Your life as an opportunity. Oh as Archie to place and tunes that any random moment even middle of a fox. That an opportunity to. Have a plan. Where you can achieve goals where you can get their financially fit you can provide for your family you can have peace of mind all of those things and it comes down to. Put together financial plan but get a plan in general staff and you have the opportunity -- house to do that all right action autopsy when you buy a house or not. Threat that music just threw me off he started brought music in its premiere my -- just happens like all right -- don't mean that is should he stay or should you go we have cash -- in Oklahoma City, Oklahoma. Called the following question I'm looking at buying in my first home I have two kids in elementary school and I'm a single father I have enough for the three and a half percent down payment on an FHA loan. But that would only leave me with -- about two months worth of my bills and reserve. Based on what I've been told a mortgage payment would be I would save about 8100 per month over renting. Should I buy now or wait okay ship that's a lot of information present -- -- but Craig's a. Quick digest here. Craig should establish its day and that's gonna mean mean weight in ships terms can definitely wanna stay. He doesn't have -- -- -- he must listen the show ring earlier somebody told our reserves we -- many of six months to year I'm a big fan of the year. Six months you know is is the bare minimum that you were living expenses in reserve. -- You know astute enough to realize that Africa is down payment -- -- -- and -- -- -- reserves and although his payment is gonna reduce. He may take us an additional expenses homeownership he's not counting on we are now I came up with that eighty to 100 dollars -- so so to speak with a stick with a certified mortgage planner to identify your real savings eighty to 100 because if you just compare mortgage payment to a rent payment. And who knew it. That's not apples to apples that's apples -- or ranges. From an anonymous McDonald's corporate or tomorrow's. All right folks that you should he stay or should you got the -- he must -- he's so okay let's move on down the road we talked about life insurance Craig. You know there's -- -- irreplaceable and so is that there's no amount that is enough for you. But what we want to make sure our listeners know is that there is. There's some some formula that you can appliance and asks questions that you should ask yourself to determine what the right amount as. So number one his son here's just some things deep considerations one which her age. Premium rates usually increase with age and here's a component of of this he need to understand folks it's your future insure ability so even though we're talking about what's the proper amount. Just getting used some. Is important at a young eight home -- -- because you how to make sure he'd do you understand what your future -- building means it means that. When you're young and healthy you can get it life insurance what -- you think if you're if you're older regardless of your rage if you have some form of sickness illness that that may be. Maybe it's cancer may be something that's in remission. You're not ensure. Our folks that come back we're gonna talk about the other considerations. And determine how much life insurance you need. Why did you stay tuned.