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KMBZ>Audio & Video on Demand>>Life As You Own It 2.20.14 Segment 2

Life As You Own It 2.20.14 Segment 2

Feb 20, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

-- -- mark McDougal that this is life that you own it thanks for hanging out with -- -- remember this is the the -- segment of our three part series on first time homebuyers remember. Indian information you here today you can also podcasting -- -- IR radio. Or you can go to our website like that you own it dot com and you can just get the the nuggets of wisdom right there are many of the tools we have their links to. -- and we want your feedback reached out to his 800 point 24664. Or -- is question light these questions act like did you own it dot com we are here for you okay. But we are out working through some tips on not in no particular order which I can't -- here -- make sure you've got the information you need it. To that BS armed and dangerous on this big first investment or the the biggest investment likely making your life. So Dan let's let's get a recap the ones you've discussed and then add any new ones do you think might be important for our listeners. OK I think that one of the big things is again gay connected with the local realtor then it's in the area the wannabe and and because they're gonna know things that are specific to the area. Rather be loan programs -- other be schools. When -- -- him. You get preapproved. Do that you can do that. By asking the realtor. And a lot of times that's gonna that's gonna work the best because they're gonna and upsetting as somebody that as the loan programs in the area. And then horn in on the things that you must have and the things well on the forgo. Is so is -- -- and a counter tops and you know they don't worry you can part of that and that's you know -- after so I don't. That area may allow that may not may to be too pricey for him. Do you sometimes have safe first time home buyers that come in and and they give their listed things they want and then you woody and then you go okay. So that's about a 350000. Our house in your pre approved for 180s that happened it does yeah and while we end up nine as we pull out the inventory that's in the area and we show what's available. And sometimes just my take it around and so on 3456. -- basically making it an idea than a feel for the area a bit. And I tell people to drive through neighborhoods that they're considering a different times of the day so that they can. I'm see how those neighborhoods are rather in the morning or rather in the evenings so if that's lifestyle. Is important to them. They can they can get that out of the neighborhood. At home too lawsuit check the schools. And student to teacher ratios as they can get that information by. Sometimes a realtor can direct them to those to the places that information as they can go to visit the school day -- day there. And speak with the administrators there -- a lot of information. In regards to the school. You know airs nationally maybe it locally. And does so anyway those are things that I recommend that folks do when I wonder checking out where -- -- all of and again it's most important investment -- airlines soon. These are things that they definitely wanna be considered. Good information on the so Dan went out when you've got somewhat a first time home buyer and their their outlook and and that they're considering making that first offer. I'm not kind to describe broke quickly this is bonus information on -- how. How would you guide them on what their expectations should be about that offer so you know there. You how do you prepare them expectation wise and make that first -- -- the first thing that we did is we look at the compare bulls that are in the area so that weekend. I can educate them as to what similar homes sold for. Soon that they don't have unrealistic. Expectations. About you know what this house is gonna sell for if something's price of 200000 dollars somebody's not gonna come off of it. Most his time 30000 dollars so. They you know they got to be realistic with bat. And it's a similar homes sold for a 195000. Most likely that's where they're gonna end up getting mouse is a 195000. That they end up working in closing costs that's a bonus. And closing basket anywhere from three of 4000 dollars on the transactions. In the areas that aura. Now understand each markets a little different as to what they can negotiating closing -- setter what are some general -- you may have. About how they -- -- maybe insider tips tea. To negotiate a little better dealer maybe get some. Some concessions from the seller that. Maybe some people don't consider. You know there -- some people's it's some sellers are completely. Against closing constantly am. And you can really get a feel for that sometimes by talking to the if there's another agent involvement like India other agent. And sometimes are willing to -- sometimes they aren't and that that. The agent they are working -- can really help you work through that by -- Gathering some information from the seller rather it be through and other age and if there's another agent on the other side or. By just. Not -- a little bit more about that seller so. Okay there's little bit of music I think that's just so we know that's that is the warm up let us know that another should you stay or should you go segment is. Right around the corner I guess OK so Kristen from Minneapolis. Minnesota my husband I have a second mortgage line of credit with a zero balance at prime plus one. We just recently paid it off and don't anticipate needing to use it again this since the -- is so low. We wondered if we should keep -- cope with we should keep it open just in case. It's 250 dollars a year to keep it open. So again at Kristen has no current need for it has a prime plus one that he -- And it's -- fifth year to a fifty bucks a year to keep it open Nathan should she keep it open should she stay or should she go. I'd keep it open ninth day. Oh nation then and that is the wrong yes sir but it'll let you tell me why. You are gonna disagree with the host of the show. I would think for security purposes for the conservative aspect of it keep it open and it's easy you have it opens that you needed it's easy access -- money if that something happens you closed it. Something happens you need the money and you can't get to assess how many get laid off can I can't I can't argument that sort -- should you -- go -- UG stationary just like Craig and I sometimes disagree unease. I can't argue without logic that's good but I would say go but as you've told me that you don't think you'll need it which means you don't think you need insurance policy and prime plus one is a constant. And you can get no cost second mortgages and any time as long as you're employed like -- and points out. Sort of draw. Dislike for you on stage to -- or just view it. We're back right -- you and it's okay if you're thinking of buying your first home and you've not. Saved enough money for large campaign there may be any down payment. Making Carl's gonna give you the goods -- then let's talk about those. Low down or -- down and a options that are available to our listeners so. Number one. Number one FHA FHA. We have -- option it would be of those down option that requires three and a -- percent -- -- and what about the is it available on any market. Yes it's available in any market it does have. One caveat where did the maximum amounts 270050. Dollars but depending on the market though. Defendants are grass -- some markets where you've got up high cost areas which. In the California some in New York where you can go higher and it also multifamily once. Rights -- not -- so that part of -- now Hamas the about what are some of the pros and cons of that program. -- would be its old higher cost -- to -- up from Morgan and then if you got a down payment. Yeah yeah got an debt payment and the monthly mortgage insurance is in the higher costs and does not cancel that as a body your. What do -- it manages your credit is not as. Is not the news as much as -- determine her as for the interest rates are in street is Freeman said. As far as qualifying not necessarily gauged on credit -- OK so you get a good you can get. And credit score for a little bit lower than a conforming loan doesn't correct the unity okay. Our -- to what other options for a low or no down payment program for listeners. VA loan. Which is for veterans and there's. Friday different ways that a veteran can qualify ports out despondent contact. Department of veteran affairs and if you can. -- if you got eligibility and VA eligibility or. OK so and obviously speak your mortgage planner -- first is are your veteran the second would be I think -- determine what your -- confirm your eligibility. But if you're a veteran Euro honorably discharged. You're eligible is just now that caveats are where you're doing right now what's four years active duty. And and it's it's your reserves of six years and and if you're -- overseas -- ninety days overseas is a need most of that. Which would be most I guess those that the -- portions of it but generally if you're if you're honorably discharged. You're gonna have served one of those two worst. -- have done those -- and process so but that's good he's the details guy not. The so what what are some of the that the pros and cons of the VA -- The other ones are great they do not have monthly mortgage insurance that's and I agreed to nine aspect of that non it. Also has a pro mortgage insurance which can be in the higher costs especially that as you use it more than month. I'm the one way out of the monthly more or heard yet from mortgage insurance is to have some type of disability. From your service and in the in the military says it can be as little as 10% hearing loss is one of the most common that it. K so and that's going to be reflected on Europe that. Portion of disabilities can be reflected on your certificate of eligibility that you've got to -- yeah. OK and cons of VA -- other than that VA funding feet. -- lending fees one of the main drawbacks. It also as far as credit goes it's a little bit more forgiving. Have you called by you pretty much to a similar rate as you know some it has excellent credit persistent that. Has little but it challenges. So there's that's -- good aspect. -- there's none of tremendous -- drawbacks. Two media -- okay the one is -- gonna serve your country which we don't think that's a drawback but it is a challenge for some so loud. Folk -- that music means it means it's time for our last and final. Should you stay or should you go segment. And okay we have Barry email from chesterfield Missouri have a Jumbo loan at five and a quarter and -- 600000 on my house. There is worth around one million. It was the best deal I could find when I bought a house two years ago. I know I can get a lower rate but don't want to pay -- -- a bunch of decent middle on a plan to keep the house for about five years give or take. Is it worth it 35 Nathan should stay or should -- I reporter I was reading the notes on that on paper not the same time. I'm all right well at least you're honest. Are right here is so we just -- entries five and a quarter you can get a lower interest rate on that on a thirty year Jumbo. And you can have it where they will pay your closing costs so a no cost thirty year Jumbo with your credit is excellent. On the trip on what you Davis would be lower than five and a quarter. Or if you're going to be in the house five to seven years may even look at an arm but you need to go go go speak with certified mortgage planner and refight that deal with no costs and save you some. Money okay. -- jumping back what's the next option for our listeners that have. Low or no down payment. USC those -- good option. Members that none available in in certain areas so like in and mentioned before it typically. And discourse qualified for eligible areas. A good rule on this. 101000 population -- -- coconut that they go off the census report out -- in and you know it's in until the next you can go to the USDA website find information to include the maps that show if you're areas eligible. And if it is there's there are some exceptions to that she really got to get on the map and look and see. What are some of the what are some of the benefits of that program of some of the restrictions haven't. The benefit to the program and has reduced mortgage insurance so it's about a third what FHA's more entrances monthly rank and the drawback is that it does also have. And upfront premium that is comparable to FHA so few have had the ability to do via -- US EA learn you probably. Wouldn't -- UF HA it isn't -- lower cost non. Vs -- right -- what are some of the limitations you said what they are certain markets so generally speaking rural markets are smaller communities. I'm also many other limitations in Cummins -- So why you've got certain limitations on income that you can earn. And that means maximum -- minimums -- -- minimums to qualify maximum or your ineligible for the no down payment program and again it's. 100% home. So a great program if you qualify for. We're gonna give little caveat so quickly that we believe you should say for down payment. We believe he should have six to twelve months reserves if you knew a 100% down loans you still need those reserves still afford to stay in that house if something bad. Happens in life when we come back. Got a little more information as -- get right to put a bow on the show like John --