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KMBZ>Audio & Video on Demand>>Life As You Own It 4.16.14 Segment 2

Life As You Own It 4.16.14 Segment 2

Apr 16, 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)

Far we're back live to join it and -- and outlook is on your weekend. And we're gonna be kick off. -- -- on Saturday or Sunday we're gonna be kick off your next week on the right foot. Being armed and dangerous with a little bit information that you can share around the water cooler -- be just the smarter person next your -- Kick -- -- the rights -- an -- on acute right. The -- for the right -- that Lester left footed Alicia lifts my daughter Molly and my middle child is is left -- is -- right -- left footed. This is just left footed the three. If I could jump right very much she added it's different if you look at her handwriting -- -- left footed -- exactly. Actually -- thought she gets that from her dad because I'm obviously left footed -- Because you would assume that I'm writing with my foot if you saw my handwriting throw the stuff nodding. I'll -- that I had space to make that -- and as a kid I'd jump off subject to due to. -- the same thing I thought -- of Miami. It's the ultimate. Six million dollar and a half Indian and have the punch reverend. -- -- -- need to drop like a second Qaeda get my folks I if you are a potential first time home buyer we catcher won your game plan OK let's get off the disengagement. Number one is identify and it's always good planning ahead is gonna help you achieve your goals and can help you well. Do them if those goals in the fashion that are sustainable. I'm so first is identify how much you're gonna wanna borrow. How maturing and needed in the form of house and door mortgage payment. To meet -- needs so out of the gate you know even a year and -- go you know here's where I think I need to be here's -- -- -- house that I'm gonna have to. To purchase it's going to ideally meet my realistic needs. On number two is find yourself. An agent that ideally is going to. Work with you patiently. Recognizing your timeline. Not to put a bunch of pressure on you to potentially purchase sooner rather than later. But is gonna keep their eye peeled on is gonna talk to about different markets that may evolve over the course of the year the can be fantastic developments in communities. As new amenities are put into the neighborhood knew new eating new shopping etc. Things changed their side neighborhoods that you may have driven through three years ago or two years ago you thought gosh wouldn't be living there now they're dynamic hot spots here yet. Craig also you've got down this something you're doing already probably is research homes online. -- online look around and see what him and Tories out their see what's available make sure you understand it. What you're going to be able Ford and what it is it's going to kind of meet your needs. Also. I'm connecting early with an agent means that he got the opportunity as I mentioned before for them to. Be mindful of trends in the marketplace also be kinda keep an eye peeled. For that -- GM of of of the house that they've given them you've given enough information that you once in means that you legal fine sooner rather than later and what else I'll obviously Craig. You've got to get your financial plan Newton. On day one and he said he can be a homeowner Europe not patiently what you are methodically. Putting in the reserves putting saving the money putting that money. Into an account so that you have the savings for a down payment so right when you decide you don't come home on day one you determine here's how much house payment. That I believe I can afford comfortably as you've met with a financial advisor talked in the crunch the numbers and now you -- in the say things take a chunk. What -- and need for down payment be in need 101000 dollars for a down payment and some form of cushion in the form of of reserves. Then by gosh you can indeed be saving a little bit more than that each and every month. Socking it away in that savings accounts your prepared for so what's the financial plan and commitment you start saving on day one -- what else with a hint is this. Can go both ways I see this on both sides were people who were overshooting what they ought to be buying it can be very tight for their budget but I also see. A lot of people starting up under shooting what they ought to be aiming for they. Think well -- -- be really conservative it's our first home this is how that this is what can happen and in the cost even more money. You -- too small the home. You -- in an area that you're compromising on because the price of the home fits. What you think he should be buying in any regret the purchase six months later -- a year later to review three years later and you're looking to buy again how -- or against you is. In an ever increasing market with home prices increasing. You -- now and then it you may sell your home for more money later but when you go by the army -- it may be -- in the first place you're paying more money for that plus interest rates are probably going to be -- so. Make sure when you make this decision you've looked at all the factors most of which we just went through. But consider everything and take a hard look at your budget not in such a critical sit I appreciate people that are conservative but sometimes. Take a look at you know how it got in my up for advancement it worked my going to be receiving a promotion. You know we have a -- a matter is serves in the bank some factors point to you should not stretch but maybe reach a little bit higher than what you're most conservative budget. Thought would be I know myself personally my first home bought two small home. I was kind of nervous scared young by my first house and I kind of bought a house that just wasn't the best house for me in a year later there was in the market. Looking again cost him a little bit of money so a gal all right three -- folks do the budget. Do the math how much can you afford. Then begin saving CU can. Hit that goal next find yourself for real estate agent that's not gonna apply a lot of pressure to find today that knows your timeline is about a year out because you got to save them money. Finally I finally next do the homework get online use all the tools you candlelight understand what the real expense is gonna be. Look at all those houses that are there you can get a good indication of what is gonna meet your needs and what is in the marketplace. And obviously a part of this is really pin down where he wanna live when the amenities that you think you need. What what is it that you want it's gonna help find that first home make it the right home for you. Give them pinned down and you will be successful within a year. -- Craig you read discusses up five home design trends for 2014 I'm more than ready market I'm just so excited to do -- -- -- -- -- talk about what you saw at the on 2014 builder show yes. Exciting stuff and Gloria let you know we can get for a thousand bucks in Detroit Michigan when we come back all that so much more -- you -- it. All right folks we are backed. Life did you own it. That's dvd yet top five home design trends for 2014 it. At least what we're seeing the direction of these things are that the general direction things are going. With new home construction design trends when -- share those Wiki because hey you might be out there considering purchasing are built on attorneys knew I would -- I dare say there isn't just designed trends -- are designed charting a new not new home construction well what's -- true that's true let's let -- we -- -- to clarify you could be remodeling and incorporate these. Or pretty -- -- the F this year and how. That's yet another enemy to hug you exactly. All right anyway these -- the trends -- -- does and resources from a -- blinked police police blanket down to blink dot com and -- compliments of money watch she's contributor so obvious money. -- -- Well here we go folks so number one they open concept continues to gross first kitchens go that is. The general consensus among most of homebuyers and homeowners now as they want that big open concept kitchen area. For years you know that you just talk the way back in the back little small room rather. What can happen and in the food is brought out into the main -- people will you know so that's gonna continue which sets been -- for a long time what do you think president but they're expand yeah. People are making an even bigger now. Where they can entertain within the kitchen space -- -- in there. The heart through teaching -- Alan Sears day it's been a -- Fred ten years or more people like it I guess it does keep getting bigger though. Keep in my my hairline -- OK number two neutral colors are beating bright colors and you know what that hasn't that's. Not me either. But what we're seeing is universally. There -- builders and people a little. More creative with the color -- number -- last time Genevieve was on which was last year middle of last year she -- she said that the the color scheme was selling game of the rounds. On something or was very that. Kind of a lot of Bergen decent -- which she said she wasn't a fan out and it looks like we're migrating from Macs into. On the more neutral at our house so yeah continuing that and if you are someone who is gonna be selling your home. Putting it on the market I would suggest if you've got to -- really you really like treat those cool maybe some some creed if no pain he had been in there that you thought was cool the time. You might -- a neutral it up a little bit for the potential buyers that are coming your way number three universal design makes it cleaned every room and house what does that mean universal design well. Trying to set it up to Wear it in the home can. Kind of move with you you move with the home rather than having democratic change things around as you age with a home. As you're you're capabilities change those appliances that are down a bit lower the -- Appliances and things like that those are becoming more and more common and suggested the people who do remodeled or building new homes so that hey Christine let. In finding yourself go well this big tall double of the things -- the time but now that I'm. We went around here we'll share -- 87 years old and I can't do that anymore he put the Turkey the top of and it's this write down their low -- I don't think some of the things are six finally it's universal to have a download that's hurt my back already paying. Market is gonna have to. Deal with content. For a shorter folks are right so -- -- -- folks and say hello or us or sports is an agreement. No court has -- has taken over its then now it's been more popular product for bathrooms and kitchen counter tops our it's man made. It supposedly more durable and it's a little bit less expensive in many cases but a lot and I have a debt that's awesome cause you know LC in new. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Courts folks check it out so if you're thinking about doing that green kitchen remodel or maybe put a new bathrooms if she -- to court section are at lastly. It in this is a trend it's gotten more and more and more I mean it's it's become more and more common but now it's really getting dialed in. The energy efficiency to water saving appliances all that. And it is the point our people are like hey you got to have at least the basics of the inner energy saving appliances but now it's. Trade tweak that and everywhere possible so even something as simple as that that happened with your arm. Faucets and things are you can turn the Laura player he user still messy -- a lot of times you keep the water running for a while -- You know before he reached down there internal dobbs now you can use those and then of course all the other energy efficient stuff so that they save my daughter and a clapper. Also turn off it -- flooded yet. Take clapper Fletcher would be any I'm not a big advantage because of marking an out of my house with those toilets. But the barely waters that dumb to say felt confident not a five. We had to -- there. It's just that it's energy if it's water efficient but not. Flush efficiently at that exact and it also sustainability is a big thing to -- using sustainable building materials is this. And I'm a fan but some things are rights so should he stay or should go will draft that's going after that comment you should go. Throw me under the bus like that is a total fabrication. -- Kerry in Omaha Nebraska emailed -- market Craig. I need to sell my current home due to an injury since I sustained and I can no longer navigates stairs. I you're talking about right yeah that's timely. I spend up with Kerry and I'm sorry hear about that we hope you're on the man I spoke to a realtor who -- I will barely break even if I'm lucky based on the current market -- island home. My question is should just rent the house until I have more equity and go buy another home. I have a decent income still between some of the benefits I had set up through my employer. I can put money down out of my savings account -- for cred as well why should I do. Imus say go meaning to sell the house now. Sometimes the old saying applies. Your first loss is your best loss. Although you may be in its financial position where he could rest at home out in if everything's pointing to a really. Strong marketing your area it's continuing precinct. Quarter over quarter year over year and he thinks he can be better operating out for well by all means if there's a Smart financial -- can put together doing so go for. Sounds we like he sustained an injury in -- sounds to me like you are financially sound meaning how about just not. Messing with it. Take your losses and move on and I have one more thing to Jack with. In just get into the place it's gonna work for him. If it doesn't work done work that matter the reasons why he can't navigate the stairs and you need to navigate the stairs and it's cheaper to take your loss now than the pace of one to help you get out bomb. For further miss work whatever may be -- missing out on that because you injured yourself then again he's asking -- is renowned Anheuser-Busch buys another wind and I just say get rid off your planes sit on your mind. All right folks we come back we're gonna talk about what happens when Wall Street -- a landlord and tell you what you can buy in Detroit for a thousand bucks I'm John.

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