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KMBZ>Audio & Video on Demand>>Life As You Own It 2.1.14 Segment 3

Life As You Own It 2.1.14 Segment 3

Feb 1, 2014|

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  1. Life As You Own It 10.30.14 Segment 1

    Audio

    Fri, 31 Oct 2014

     

    retirement planning found at 10:58

    five years ten years twenty years. Take a look at your general retirement planning and they knew it. Make your financial decisions based upon that working in Q a sensible plan. Unfortunately with mortgages what most
  2. Life As You Own It 10.30.14 Segment 3

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    Fri, 31 Oct 2014

     

    craig miller found at 3:32

    this. Break in wyandotte Michigan ominous unique little known if not completely. Unknown effect for our listeners that is where I was born interest in. All right so so what's the fact frank that's where you're down one point 01 point early in Brett by Detroit there's so get through it you gotta all right frank you've probably. Gosh maybe you can drive by the birthplace of Craig Miller the guy I think his wyandotte how's that that regional hospital there's south Detroit maybe. OK so let's talk about your first of all your comment about your budget being tight frank chemists say. You gonna I wanna stay. He may be able to refinance to save money I don't think you're refinance and save enough money considering in a tight budget you don't wanna go shorter term. Mortgage in fact you could find yourself being hurt by that. It sounds good to get that low rate folks this goes to all of the other being enticed by that low rate but if your budget is all tiger not saving enough for retirement you're actually cheating yourself. Out of long term asset growth and additional money retirement. Even though he'd be paying your house off faster you're given up something that you could be earning
  3. Life As You Own It 10.30.14 Segment 2

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    Fri, 31 Oct 2014

     

    building home found at 2:23

    are gonna. But your battery cell homer a new home or your building home from scratch is this a lot that goes into the focus on his let's face it that's where you go to bed
  4. 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
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Automatically Generated Transcript (may not be 100% accurate)

All right folks we are back life as you -- it's. It's stuff marked on the. Last segment we want to continue I'll put those mentioned before we went to break in that is. Retiring perhaps. Are you thinking about downsizing you're thinking about moving into one of those maintenance provided villains. There's a lot of considerations as you get a little older in your ability to take care of home is not quite the same used to be. The expense of take your bigger -- -- you need all those kind of things come into play. You got to speak in -- retirement on -- and -- article off Bankrate dot com but that is not the six worst cities for CD rates. Now folks are gonna give these cities and if you live and one of them. I recommend you consider a bank not in -- say. It's OK number we got caught on here we've got to at Pittsburgh average one year CD rate is guess what Craig guess what point zero. Four point 13 that's assuming a minimum 101000 dollar. Investment point 13101000. Dollar CD. And -- not Chicago point 16. Was bankers are -- and rich in Chicago -- -- Cleveland point 17 there. We've got. Mil one day point 17 there's that the common theme here isn't there the cities are fairly closely and then up. We jump out to Seattle is point 17 also. So folks understand and then last is Detroit point 18. I five or six -- the -- -- -- That's it folks the earlier those your six where you need to make sure that you get with a saying it may be has a footprint in other. Locations because. Though will agree and we know that. That the yield on and -- O'Neal has might -- point 26 or point 27. And it doesn't seem like Koch has not a whole lot more than I'm getting. Well it's thirty to 40%. More than these cities are averaging it's double what you'd be getting in would we say. Was our first and -- isn't I think it was or. Hoboken or some get some like that. Poughkeepsie Pittsburgh point 13 that's what it all right you Pittsburgh bankers should just brought it ago. The -- how do you sleep at night parts of folks if year if you are before that. Very meaty interesting tidbit mark shared low excuse I don't it was -- -- and very interest to do is those mark just like you are so you going bad news these by. Folks that are saying hey it's time I looked into perhaps what I'm gonna do for Mike. Final home or at least retirement home yeah and some people have a very clear cut plan -- -- financial position anyone who get. You know sunny Florida by their retirement home and play golf and relax in the good weather well he's a Smart. The reality is is that not everybody's in that position and what I find just as it it just as happens when people were purchasing a home oftentimes it's an emotional decision. Same comes that -- say in the same -- for people who and the time comes to sell the struggle with it from an emotional perspective I talked a lot of folks that are retired already. Who say you know we just love our home or close to friends and saying only we've been here for 25 years and we just can't imagine packing everything up and move -- did that to them with the kids still to come home for Thanksgiving. All those things on the table and I appreciate respect others -- those bullet points at this year it may but the middle of the financial picture we say but. You need to sell your house. So folks by encouragement as we wrap up show today for those of you in this position you're contemplating what your retirement going to be like where you're already retired in -- looking at maybe. Doing a reverse mortgage which were gonna speak about reverse mortgage is next week on the show make you tune in for that. Just take the emotion out of it as best you possibly can't make it into -- business transaction you're gonna be okay have a roof over your head but if you wait too long. And you drag it out it's gonna cost you money and make your retirement that much more crunch potentially so. Make your move when it's time to make your move in based that off a financial figures and facts not your feelings there you -- out. Our folks next weekend on life visual on it a touch on -- sometimes -- a confused beast. That is the animal that is reverse mortgages and I should say I say it's not a confused peace -- many people are the perception. They look at it like I can't. One that if they're not careful may. -- -- -- -- -- -- He's got a little more dramatizing and I don't for a bite their arm we won't -- the -- office sometimes people have this perception that reverse mortgages or bad thing. I'll tell you that then they are they can't be -- -- you tune in next week you will be an educated consumer and you may choose to follow that path. Of the reverse. Mortgage. Why did you own it remember to state that --

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