Life as you own with mark McDougal and Craig Miller. Remember you got questions we've got answers you may not take time to educate yourself about the single worst investment and opportunity you have. That investment in the roof of your head in real estate we talked about your home financing making investments in real estate we keep the fact you know it's just good old fashion. -- All right this is like this you voted to welcome night. Craig welcome to the studio today how are you look at do you markedly welcome you to the studio had a great sound like good will. -- -- showed today folks who got a lot of information to cover and death. We appreciate you hanging out with us for the next -- ever tell your friends tell your family tell everyone you can that there's this exciting new show when your market. Because in most of the markets we just been spread across the nation in the last. Three months we have and this journey -- well no -- I guess that's probably four and a half five months when we syndicated show. And doubt we are getting ready to announce that we're bringing a new team member on two weeks from now. Another affiliates and the list keeps growing we'll put as a right up close to forty. For president -- Number that forty. Forty well like it is judge's order. Conducted your reporting as my age era Craig in seniority I mean 38 that's right. In the thirties so folks again thanks for joining as say show is going to be filled with all the information you need to be a yeah. Well to be sophisticated consumer and for some reason if we cover something that you think is meaningful and empowering to you on any given shall we get two options. You can check out our -- end of our website presents certain you'll find something meaningful on empowering -- -- on past episodes war. You can call is -- what's that number. I 877300. 153687731536. Folks it's a new number. Guess why it's -- because we have people standing by 24 hours a day seven days a week. Ready your calls the near the -- They are here and there and everywhere to help you if you got a question. -- suggestion something you like to hear you've got your own scenario like to run by as that we may read on air or just call it back give you some candid advice. You wanna call that number people ecology 2 o'clock in the morning not sleep -- toss and turn -- real estate transaction going on Sunday with your finances. I gotta get an answer to distance of only two guys that I trust you got my realtor told me this oh should I do it. Probably maybe maybe not even this financing deal I just got to put together by my brother in law who said -- give me the best deal in the United States -- could give me this deal we know is -- is it the real deal with it if it. Are just he's he's been married seventeen times -- six different women doesn't mean they've -- -- nobody's idea. That was -- 176 that's been in kind of an impressive number actually. Our guest is okay my vote is so different mothers that's right there's a first time for everything. And folks even Craig can be wrong one day that -- will happen Maryland -- thought I was wrong yet the year -- around euros right elbow sheriff five signs that you're ready. To take the plunge yeah. What is the -- you ask it's becoming a first time home buyer. Our right and you're not quite ready yet the you do this and you don't have five signs are all hit and say you determine -- we've got your one year plan. It will have you -- ready remember folks just like any thing limited commitment limited results you must follow the steps. Also -- is gonna discuss not one not two not three well you get -- -- here folks were doing things and fives today. Five home design trends that he sing. For 2014 for with the EU. Expense effect foray yet trolley just because they tie you tied it next time I just had to say that's right is still had a stellar floor. In that everything is all right. I'm an OK so and it will also discuss. -- go links five trends that Craig may or may not share tell you why they're here to -- or gone by summer. What about the trends Craig sought home builder show earlier this year wanna stay tuned for those. Got spare grant your pocket for -- that spared -- and had a transmitted get a spare tire under way -- no I don't matter now about that but okay maybe you don't but if he gets their branding her pocket will tell you white. What you can get in Detroit Michigan. Craig don't get any crazy ideas -- to stay right where you can get Paul's vote him thing you can get in Detroit mission for a grand. It -- quite a deal. On and finally what happens when Wall Street alone your street OK maybe their own your entire street but what if they -- a punch of the house's on your street we'll discuss that. And remember we also have what what's a staple of our show -- We talked about breaks yet you race has been doing where they're headed potentially to skew to that at eighteen with the national averages lower. And do appliances and they should you stay or should you go what scenarios that we love that they are our listeners. Real life scenarios. Thrown out -- will give you answer and the rules are. You give is as many details you can that actually have a yes or -- character to them that we're gonna give. Right or wrong word DB to scoop and we're gonna give it to you quickly while. Organ where -- -- when he's not -- I'm going cute. Blu 88 for fourteen minutes after he was at -- existing -- qualify to locate that's right there is some lady Gaylord hotel and -- -- to show each and every weekend. Our rights so -- jump in with a break. Let's jump in with -- -- reminding you begin folks 877. Write it down posted on your refrigerator put it somewhere where you can find -- 87731536. -- -- today. Call us with your. Issues questions concerns. Ideas for the show whatever you want we'll take care if you are so great here we go. National average folks the national average every week we based BC's on the general average of 200000 dollar loan out 20% or more equity excellent credit keep in mind if you've got or credit. You're -- -- much smaller than that army considerably higher than that could affect the terms. And of course lesser equity can affect the terms as well but this is purchaser refinance really give you with the rates have averaged hockey minor ease. There -- points. There's all kinds of stuff people are paying out there that they are not the most of the times we'll share that with yet -- it and rattling off these rates. But we what you remember these averages have about one point being paid nationally. On average so that's 1% of the loan amount 2000 -- loan that's 2000 dollars if you get a 150000 violence 15100 dollars. In there's other fees as well also. Watch the fees watch the fees and of course what the fees we always say that in double pointed to the website for something that you can use as a tool as I get done. Given these rates thirty year fixed averaging four point 29. Over this past week prior to that. Thirty year fixed rates the -- for four point 48 average. So rates did just come down a slight little bit there. Could ultimately affect the quote -- you get so that moved in the right direction for a fifteen year fixed 3.3 over 3.3 one the shorter term. Think straight -- just did not move much at all. Fight your arms 3.3 over is 3.3 five so -- ever so slight improvement with the adjustable rate mortgages remember a five year arm. That rate is -- for five years. It's thirty year it is nation because it just after five years may be a great little product for you. Or other just -- products that are fixed for treatment if you think you're gonna be moving -- doing something different when you're alone. FHA thirty year fixed three point 99 vs four point 12 folks remember fees and costs play a big part of the quote you get you -- the lowest rate quote. From multiple -- he talked to but they have the highest fees. Go to electric unit dot com check out the breakeven formula we what you use this math simple math that you can do if you can't do simple math -- when you can't help you. Make sure you know whether or not you are making the right. Decisions financially based on -- and cost combine not just rate. All right there it is folks the -- used or should you go music -- ready. Right friends in Lee's summit Missouri called with a follow laying out great show guys right that's always got like. All right things written saying okay -- I have five investment properties in the state of Missouri I have mortgages on all but one of them. And I also have a -- on my primary home. I'm having a hard time finding a bank that will give me one loan that covers all of my properties and I want to know if this is even a good idea. On average rates on investment properties about five and a half percent or so and I have good equity in all of them -- Craig should he stay or should -- coast -- -- today eminent. Do you mind Olivier Chanel elaboration on that -- this leave it alone you don't want these all in one you know blanket -- over all the properties having him on individual mortgages. Is an advantage to you in the Casey need to liquidate want her to the properties potentially. Or borrow against one or another now sometimes having more than five mortgages or six mortgages -- so it can affect the type a little programs that are available to you but that's open in America. -- have percent not a tier lower -- they have on an investment property might be able to do slightly better. But only if you can do so without paying much -- exactly sit tight with what you got for now and less. You checking to refinance option that does lower the rates on those properties and gets all those -- done and there's no fees and costs are very very little fees and costs and is you know folks you may not know there are actually blanket mortgages that you can do their commercial type transactions that are going to be higher interest rates and Craig brings a beat. Stick point in the -- that he got a liquidate one. You may not be able to do would have liked mortgage good suggestion body no problem with the other -- are -- to look pretty sad stuff you're not doing that why did you -- it back -- -- Okay. All right friends we are back like that you phony talking tacos here actually were talking tough is during the break we are also talking roses ringtone resident renovations -- -- -- recommendation renovations -- like and we're talking about maybe. Changing -- -- talk -- ringtone because the old theme song to a -- he used to be truth in what we joked he was was sweet home Alabama. And and I've had is my ringtone for a number of years now she's -- -- fair that it's about time. -- a guy here that start just beyond my time I was -- off Jones -- thing gosh darn it. Speaking -- tacos he's was he for the record for everybody these spinning clueless in this you know I'll pay me the best tacos -- early guarantee. Someday a hot topic joint and everybody will be lined up outside. You know -- Broncos and I like that you lied to your presentation is great because he's so thorough he actually gets. The rappers from talk -- -- -- his talk shows up at them yeah insert some two million family and friends who exactly is quite the -- just makes and -- is this summer for everybody on staff in the dispute like freaking out and make possible equipment that's. Hopefully afterward after reading writing about three and out due to kill black till we get every bit as -- as rose's ringtone renovations YouTube giver you know some of the things like you like long walks on the beach you were when you reform which are signed up all those things. She will make recommendations spurred the perfect -- -- maybe that won't won't take off but it's a pot it always going out there okay so. We we promised some good information for you folks will be giving you where interest rates are we've actually had a a pretty darn good should you stay or should you go scenario it's always good when the when me -- listener starts off -- -- show guys. We always periphery and good man great -- really like -- questions -- elect the first sentence of the Yankees started well finished a little little weak but let's let's talk about. Those those first time home -- spokes. Yeah all of us at one time were first timers and some of it was and some of purchasing home. Met and day so welcome it's time for a second time -- to see and wasn't you know now. Well here's five signs that that if you don't have these five signs then it's probably not time for you. Are you ready Greg you know number one is not. You plan to be there while. If you think in the eager to jump in the house beat their three to six months turn a quick profit turn any profit. Then and you're not a professional home remodel -- were speaking to people their first timers. Not a good sign. Don't do it don't do it. Another sign is that you -- -- and again be grounded -- we're trying to -- -- that's right another sign is that your prepared to be flexible. So you you've got to understand that you may not get in the first question may not get every single thing that was on the Internet that dream you had when your seven. You know where it was the castle may be yours is the -- castle with a butterflies promote as closer than it -- -- -- -- on. Yeah so to make sure you are flexible because in this is the first time you may not find every single thing on the dream checklist. And you don't wanna wait until it is perfect just make it good. Our rights and it replied that's not a good thing yeah. A lot of first time homebuyers are upwardly mobile workers maybe there to start out their careers are the I've taken a job that has an opportunity for advancement fairly quickly if he's thinking if there's any possibility might relocate for worker. What you're doing is it is a job that. Has multiple different properties REIT in the near future strategy I'll hold off just a little bit and see how it goes if you start out that new career move. Read at a schooler or whatever because that's what I see the most right common in the day to day operation of of the job. People comics will remember hilly -- by the house this stay here for five to ten years guess what I got this great promotion can't turn it down we need to move -- they take a big -- -- house a year later I you know -- an idea. We did lump that went under the odd number one idealism and what -- -- real life -- so I gotta rewind back oh you're just eating UV she is okay to further I got Lara Levine didn't mean to -- ends up. Yeah I had -- make sure -- sorry it is -- I was trying to infer they may not been paying attention B you're paying very good attention. In graduation -- about our rights number three here's -- sign is that you are. Financially ready to take the jump that you are. Pre approved and even if that pre approval consists of meeting with a mortgage planner which we strongly recommended. It should at a minimum. Come with you sitting down crunching the numbers doing a financial plan doing a budget in identifying. How this this in your financial picture so pre approval is just a part of it. Does it fit in your overall financial picture can you afford it that is the key part we need you to do before you become a first time. Home buyer all right Craig was very few of either of you out there there are couple. I've run into over the years where you've inherited some money that you can actually pay cash for your first home. And you get a big hurry because -- -- cashing you don't meet with any financial type person because the only alone so you don't meet with -- financial person used to work -- -- He says oh yeah you -- just by the school house. Please meet with a financial advisor. Make sure you -- a really solid financial advisor or certified mortgage player preferably. Both so that you can look and see if maybe it makes us to still take out a mortgage -- got the cash to buy that property. Don't jump into something just to either write the check in the regret it later. Keep remarks about the had to throw that piece in that's -- real less experienced -- okay folks and up a part of making it tell your financial planners sound. If this is novel concept and to -- novels that was about five years ago but down. Save money for down payment. Not just for down payment but have reserves. So that you can afford to keep the house once during that you all the in the form of a budget deal make sure you do all the real expenses that are associated with homeownership but. Save. Your money so you have money not just your closing costs. But for a down payment whether it's three and a half percent whether it's 5%. That puts you in a position where you have a little bit of equity but more importantly where you have taken the time. To really be disciplined about preparing for what is probably the biggest investment you've -- your life. And it is a good thing I believed to have a little bit of skin in the game to invest in that that hard earned money and what it can be eight year rule wording -- Investment but more importantly a roof over your families had that you can keep. As long as you want to. On and then then lastly would be on have expectations. Get real about your expectations. Make sure that as we said if you may not find the perfect home. But make sure you find the right home for you that you you you understand what you can afford it. -- you look at the numbers that you've set them where you're not going to be disappointed when you end up with the two bedroom one bath. First time home it's 15100 square feet the you can afford vs the five bedroom palace that we may have mentioned earlier that has the they chocolate vote. And yes I never realistically it's station couldn't be beat up on expectations that needs -- is there real. You've got to be realistic about how much work goes -- find in this first -- two -- -- spent time on it Unionists and maybe a little bit of money who treat it can be stressful. -- take some time off work sometimes and there's a lot because in -- it is you're gonna be like eight million leave it what else. Now anything is elegant TD Regis look at three houses you find that when you like and you go out that's the one that that is a pretty goal of the going to be faster anyway it takes some work and time. All right folks whenever we come back. Now we're not coming back we're gonna show you stay or should you go scenario cash started that need it. -- -- -- -- -- to you don't know clicks on a first timer first timer doing the show as many of you probably think each week when you tune in. Okay so we have -- Is we had a great first time homebuyers scenario that we dealt we have Kansas and Oklahoma City emailed. I -- 264000. On my house and need to borrow from my equity. My house should be worth around 350000. At a rate of foreign seven -- on my current line. To refinance and take cash out or just get a second mortgage I need at least 20000 help my daughter. So she goes to -- 64000. She believes the house is worth 350. Her rate is for a seven eighths. Once you know she should cash out or do a second mortgage needs to get twenty grand and it I don't know which Wednesday which was -- -- ago period to give -- ago -- I'm -- we need to -- speak to serve by mortgage player so when you can really. Take a hard look at your overall financial picture not just this one particular scenario that you're doing well that's the bottom line trying to accomplish. -- see where is the best resource for getting those 20000 dollars in May be in the form of the second -- Jimmy B -- a refinance. Based upon your 350000 dollar estimate for value you do you have enough room to teacher 20000 dollars out on the cash out loan but. It could be. Less than does our analyst that is -- alone product potentially or if you settle for a little bit less he could probably lower your rate slightly. -- get the cash out on a primary mortgage. If that person does the math for you it's not making sense you've got to really embraced the -- down. But the piece of paper or spreadsheet yourself that's -- compared side by side. Take action and look in your home equity but also have Seoul look your overall financial picture we don't know your other assets are -- you money. She's wisely before he moved -- this. Go why is the young lady in our when we come back we're gonna give that one year plan for first time homebuyers have you are ready folks it's a man it's a mission. David B mission accomplished that's right back and if you like -- it.