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KMBZ>Audio & Video on Demand>>Life As You Own It 2.12.14 Segment 2

Life As You Own It 2.12.14 Segment 2

Feb 12, 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)

All right we're back okay. We're wading through denying it steps that you are gonna be prepared to take. If you are jump in for the first time and I jump in and not to the lake bite into that home owner first time home ownership opportunity. It exists for you well hopefully today if not today with some planning in the near future are right so number one was are you ready do the homework. Don't start shop and until you've gotten kind of an inventory of what you wanna accomplish what you're timeframe as the general market you're gonna look in his -- just. Note you've got enough money for down payment -- is okay the basics first. Number two is some. Your own pre approval work with a certified mortgage planner integrate this big investment into your financial plan this is a must. Number three is getting real -- and finding the right real true that's best for you. Number four is the fun part. What's the fun part -- do you know what's number four. The fun part is the financing part and no are you you're read -- looking at home is looking at how they are trying to get the I had committed financing it's -- good you. Yep I'm not asking for those provide those pay stubs until it is yeah. Our front that's right right so look at homes millions of new and existing homes are sold each year believe it or not -- what are you looking for. As is will probably all agree is a home is more than a collection of bedrooms and bathrooms several properties each with four bedrooms three baths and the same price. May well -- percent radically different designs. To meeting distances lot sizes tax costs injured dimensions and textures finishes. If he can't get a home your price with all the features you want. And what features -- most important. Making junior remembered may be some features when you buy your last home some features that you would have liked to have had that you did without or just -- you know what we're doing everything we want this house all the best part about my first house was at -- Parents were there so that was the best good brother and so that was a a feature that -- had to go out. Your credit -- it yeah are there any things where you you thought -- would be great to have this but you know I can't really afford that. Oh absolutely there it's it's easy to think I want this and I want a bigger house and went all these things and and then had him came to the realization what I could really afford right now that was so that's those of the challenge. Cases some examples are you may walk and going coming -- -- I'd love to have five bedrooms because I've got to my husband and Ryan and one child and he'd be great win. Both sets of grandparents came the bedroom veteran. That's right so five bedrooms in debate you've got three people so that may be something. That you may be willing to trade out that the those extra bedrooms possibly for a larger kitchen. They might really meet the three people's needs Cingular. Ramo or a longer commute and bigger cost by an -- for bigger lots and lower costs so you may. Decide how or more yards won't want to drive a little farther. All parts of the consideration. To make sure you get in the right affordability zone there's always going to be some trade -- So where should you look all neighborhoods and communities have a special nature of the gives them identity in value. 12 -- game will be known for historic homes while another offers both suburban living in easy access to downtown all the former different just like. Just the kinds world different robbed from not so well. How do you find the house is well you can take several steps number one a popular one is that I like did you also at first it online. Get -- start kind of kicking around looking at what's out there second is going to be finding now that realtor and ideally have them help. Direct -- search they -- the person that has to be most in tune with helping you find what it is you're looking for. So you're looking at home she casually and now. Uh oh it's time to choose the home so you found the one you like on as a buyer here's what actually happens when you find at home. Always been placed on the market for which the sellers establishing asking price as well as other terms in effect this is an offer. So they're offering their home for sale at this point you have three choices. Except the sellers offer. They're asking 200000 dollars. Except that offer on and create a contract. Rejected. And not make an offer so move on down the road to look at another house. Or suggest different terms and make a counteroffer if -- the last option the seller may accept -- rejected or make a counteroffer no aspect of home buying process. Is more complex personal or variable. -- bargaining between buyers and sellers. This is why having a truly. Prepared real estate professional how they can help guide you through this it is stressful might -- your dream home you're one for 2000 or 2000 -- asked for the dining room table. Are are what are really -- it is because are operas too low. What what do we do so it is very stressful so make sure you got experience on your side. Is this the house. House a shelter but home is far more where you live for lax entertain friends raise families and work. A home is where he spent much of your science -- choosing your house is an enormous decision how do you know with the house is the one now. Probably best approaches to look and a lot of house's are realtors may think is is but get your -- what you need focus it down really get what your needs are Hershiser once. Find the right mix there but then look at a lot of house's. On and then obviously determined can you really afford their can be expenditures associated with the house. That are it's they're not just in the mortgage payment you may have higher homes association dues. You may have a longer commute which will be real dollars in the form of gas. He may have a larger yard that's gonna require -- you may have a style of house that naturally is going to require more. Maintenance can you really afford it. Oh can you afford to miss this segment should he stay or should go probably not -- us and in close folks. We have. Renee had -- in Louisville, Kentucky. We'll 140000 on our home and our rate is born seven -- for thirty years we've heard rates are much slower but don't wanna pay a much of these to lower our rates. We think our house is worth a 182000. Dollars thanks for your advice. OK so -- out you need to go. You need to go we need to make sure that -- interest rates are in the as they gave earlier the national average is in the Canada the mid four ish. You may have a nominal interest rate savings but it will be a savings nonetheless even as a no cost refi you've got good credit. And if your house appraise what you said so go go go. Be educated to the break even formula and you're gonna come out ahead with some real savings. Michael Jordan packet if you. Okay. All right we're back like you own it okay we're waiting to the process here folks and yes it is a lengthy process but it's one that. Is -- commitments. -- you're making it is a long term commitment from your -- it's a big investment there's been in a 1005200. Maybe even more. And that's thousands of dollars. Come on something that has real value. But also has real expense associated with the upkeep in the maintenance so. Make sure you go through the steps slowly and cautiously we would much rather you continue to rent. Until you are fully educated and prepared. To buy. OK so recap and -- quick we've got this step one are you ready. Step two is get your -- pre approval number three is find the right real turn number four is you start looking at -- that's the fun part number five is. Now you are ready to you choose the home ended step six is you make an offer. This is -- you know this is that this really stressful part when you make the offer on C got to identify how much. I'm a little bit of a process but your -- can guide you on that there is not a specific formula where you say. Up -- we offered 98%. Of list price for 95 or ninety. But there are there's fantastic input you can get from experience -- investors know your market. On how do you make an offer the processes where you in a typical situation is. On your complete offer a in in writing the owner and turn it may accept it reject or make counteroffer. -- and at the the beauty of the counteroffer or even of those offers they can contain so much more than just. The purchase price there can often be things of real value which might be the seller your request of the seller -- closing costs. Your possible request that they -- certain. Personal items which might include. In and -- directly to me what kind of personal items you might ask for the dining room table some of those got to make your lender understands this because you can ask for them but when you include personal property and real estate transaction. It it is. Not look highly upon Obama but those requests can be made and they have real value. So while met then the part of that's up offer is. If they accept your offer you come to an agreement then you're gonna be lining up cements. Actions those inspections from our include the appraisal. They include inspections for termites they'll include inspections for for boundaries sometimes. To make sure that that there are no encroachments on your property don't see those as much mainly in rural markets now. And they're also going to be potentially a structural inspection. So those may take a a -- period of time in your contrast six gonna say what your rights for negotiation or in the event any of those come back with issues. And that we're telling you you -- tree with a group you're working with a real truth that has. Insured you have rights for renegotiation in the event there issues on any of those. I'm OK so. Now that you've you've made the offer and they have accepted it that meters a novel step here there's some insurance. A bomb components and number one his title insurance that in essence -- Guarantees that you are when you close and -- -- transaction you have clear title. That there are no liens that -- previous owner had that are going to. Impact you or. Rights to the property I'm also you've got to get homeowners insurance requirement of your lender. Flood insurance which is not a requirement Verlander Lester found to be in a flood zone and then we strongly recommend you look at home warranties. If it's a new homebuyers one assures that something goes wrong after completion the builder will make the -- necessary repairs on worries. Off from third parties by homebuilders are generally designed to provide. Several forms of protection. Workmanship for the first year mechanical problems etc. you can also get home warranties for existing homes. On the are typically one your service agreements purchased by the sellers. Those may cost 400 to 500 dollars it's a typical part of negotiation and something that we strongly recommend you consider. So what insurance also hazard insurance we'll talk about that just a little bit folks what exactly is hazard insurance well it will -- you in the event of fire on middle cover you in the event of many your personal property or your personal effects. Possibly can cover it -- can be specifically for flood that's and unless you have flood insurance. But what you gotta make sure when you get homeowners insurance or hazard insurance. Is that the person you're working with asked you the right questions to entry got the right coverage. This asset your pursing may go up in value -- and have regular you're -- annual conversation with your insurance agent. To make sure that you've got the proper coverage depending on when you've got a certain type of dog depending on whether you live in an area that made. On how some water issues. That you may or may not be in a flood zone but it may make sense for you to have a flood insurance those the conversations he must have with your interest here. Know what she -- Now number eight closing. This is the good part time closing you sign a much paperwork. Understand terms make sure what you're offered by your mortgage planner matches up with the documents make sure everything's everything's -- to believe it or not is the least stressful part of the process for. You've been received keys what's next is. Now you've you your movement in your house you're gonna change the addresses change the utilities you all those things to now just like he did so possibly whenever you're renting. And now you're in your home you're gonna kickback and enjoy homeownership. And all the responsibility it brings along with it but the -- ideally increasing investment. And at a home at the you can make your own our right is it better to buy -- rent -- what do you think. Well I think it depends on your situation. There you get spends on the snitch. So we recommend you go to they're too fantastic calculators ones it Trulia dot com and then one is it to New York Times go to New York Times dot com. But we'll have the link it's not -- you'd get Angeles on the length but the New York Times has a great when and so does sodas Trulia. That we strongly recommend they've got all the details all the variables click on the button to the advanced features put information in. It will tell you whether it makes sense for YouTube purchase. Or to rent it's all based upon the amount of cash -- putting into the house what you're timeline with a rental cost is verses that same home purchase cost. Fantastic tools can't recommend using those enough OK when we come back Megan is going to share with does. What the underwriters looking for when you're applying for that alone -- a first time home buyer. And it will attempt to rifle several quickly -- homeownership tax breaks. But you may have forgotten about already like -- it.

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