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KMBZ>Audio & Video on Demand>>Life As You Own It 4.9.14 Segment 3

Life As You Own It 4.9.14 Segment 3

Apr 9, 2014|

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    paradigm shift here. Obviously for the past 34 decades if you're tracking interest rates on mortgages you'd notice that in general taking -- as at five every contain year. Average window of time decade over decade mortgage rates have typically. Trended lower lower lower so when moving up and home or. Refinancing your whatever has come along -- been -- the benefit at a lower interest rates usually it's is an additional motivate her for people that are looking at moving like -- you know we're. Seven and a quarter and my first home loan for example was eight and a quarter. And when I bought my is my next home I think I got seven or something so it was a huge. Different generate over just a couple of years period of time was when rates dipped down I was able to buy another home. For not a whole lot more money. Even those more expensive house because my interest was so much -- well. That's typically what we've seen. As a trend and people of enjoyed that now that might be changing so if you look at the Adam average rate of the past few years. Interest rates dip down to a record level on the low threes on a thirty year mortgage November 2012. And it took till about
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    but to others survey that shows. Virtually everyone who lives above the poverty line has the ability to -- twenty bucks a week saving. Is a habit. And it's something that if you develop at a young age. That it can become a part if you were financial DNA so you do you have the ability to save regardless how much money you make and that's when he dollars. On if you're -- just above the poverty line is a big chunk of money that will make a difference for you if and when you needed. I'm not people that play the lottery -- chances went in the water. Sitting him lynching so -- it's getting hit by lightning. Vending machine -- the Wall Street Journal analysis 95% of gamblers Li use in the end. You gotta know when to hold them and pull them. And what went on -- -- on -- -- of -- -- said they -- well I just -- that -- half truths to -- kind of -- and the dogs vet her for buying on credit folks don't get in the habit don't use this credit cards if you pay cash in your cognizant of and you're only spending what you have and I am not as much as
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Automatically Generated Transcript (may not be 100% accurate)

All right we're back last segment of life issue all right okay folks talking about -- second home opportunities what we've seen a a big push a lot of you are operatives dating in the purchase of your second home little bungalow on the beach may be a cabin in the mountains. But there are plenty of opportunity -- for you to finance their second home. And statistically we are seeing that part along with demand for housing continued to pick up. It's a good thing. We wanna make sure that you understand your options when it comes financing we've got. The five most common ways to consider financing the signaled Craig jumping. Video we're gonna go -- this -- trying to quick but provide a second home here's some -- get it done first of all the old good old fashioned cash purchase. If you got lots of wood in the bank. In you've got to your money diversified and you got your investment scored earlier reserves are there your retirement set up and you've just got lots extra cash is that most of us these days yet to send him. The pay cash for that's one option better options let's look at some of those. A second home mortgage you can take out a mortgage on a second on the same way you at a primary residence in many cases a greater down payments that are required. You may have that a little bit stronger credit as well but you can get a mortgage at a low rate. On a -- a second home just as you would your primary number three you can take equity from your primary residence those -- -- were quite heavy. In equity of your primary residency hey you know. I think -- is gonna take the money out of this one continue to pay a mortgage on the place I live then I'll just -- check adamant equity for that. Second home you can do it that way number four owner financing. Many times when you're looking at a second home it may be in a unique -- may -- remote in ideologue cabin somewhere out there in the -- you know. Foothills of some place or smoky mountains or maybe it's -- a beach places it's unique and it doesn't quite come out with other homes where it's hard to get financing on it. Maybe the origins wanna carry financing as a way to diversify their investment portfolio you can go to the owner of a home and oftentimes you'll find that vacation style homes. Have little note in their little finance. For the right buyers so. Owner financing is always an option as well number five in your private bank loan for the higher net worth borrowers out there are some people have. A lot of assets. A leading can be put against some other assets and get a very low interest rates sometimes your private banker. Who's just looking to diversifying how their loaning out their funds so sometimes a private bank -- to work for all or part of that purchase. A seed is more often with people who wanna put a substantial amount of money down. You know a lot of other assets with a particular institution. They take at a really low advantageous rate. For you know low percentage loan to value of that second home and do it that way so those are five there are others but those are the primary -- that we see. Most of the time. Be strategic speak to a certified mortgage planner and speak to your financial planner folks if you don't have both you need both. All right. I'm real quickly so I said we've got some some places he may consider buying that terror abroad not to be confused with what we discussed earlier about a broad Greg Craig that's right like. The broad jump. Number one it is where is it Guam and wall -- deaths -- gas. Number one Guam apparently the cost of living is very cheap she can live like -- for 2000 dollars so they say. -- number two is Guatemala. Number three Vancouver British Columbia now it's not going to be -- cheap to live in Vancouver but apparently the cost of living it is. Something that is modestly more affordable from -- on a relative basis. Not a us an idea what does that mean exactly I don't know still expensive silly and it's actually it's gonna be -- terrain you've got your that the money be you'll say it is probably gonna be enough. Pharmaceuticals yeah so Craig you might wanna consider. There and not yet we've also got to of Valencia Spain there. -- -- -- They ought to its long Guatemala. And all last on the list but last but not least is what Craig. I don't know Chiang Mai Thailand I would go there Charlie veteran that. Yep love technically are what are guide states that no income tax people wanna know. Ninth state to believe him tiger hill right now in New Hampshire Washington Wyoming Tennessee South Dakota Alaska Florida Nevada and Texas Texas -- that's right another installment of life as you -- it thanks for checking is out remember a coach who might be joining dot com. -- give us a ring we'd love to hear from -- Remember too. Speaker Nancy.

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