Life as you own with mark McDougal and Craig Miller. Remember you got questions we've got answers you may not take it and 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 make investments in real estate we keep the -- -- you know it's just good old fashion. Yeah. All right I just go to mark -- that he is he's Greg Miller he's now guided Indiana -- great look at orange shirt on this is not Torchmark. I'm sorry got a great I can -- -- what color is this. -- on saris coral shirt mark -- if you if he had heard coral is the Greek is this is new color for spring that developers bring. Ready to tell -- that chuckled ahead she obviously didn't care about your fashion to -- she company's exit where coral. Although the literally black hey I want to make blisters now they can actually see the action they can see what's going on here if you go to YouTube hunt down like this you own it I'm looking at you right now. We the and you and -- vote of code this year it is gas if it's coral it's paying its future and in what is fusion a pinkish. Mr. pop he can die guy over here is a screen -- folks if you join us for the first time welcome we hope you enjoy the next hour and at most importantly. We want you to -- you're just a little smarter than when everything you joint now. I just -- -- that -- -- there was few let's bring themselves each and every weekend easily and if you list is so I daredevil when I go for -- -- -- be drool over and I think you'll be hit me upside the head of Microsoft and so if fear it -- that is out the first time welcome we we hope you have fun we hope that you learn a few things. And day if your regular listener then now we encourage you. Hang in there because it only gets better from here. I know we've been on the air now almost five years. This is like you -- -- we talk about everything under the roof over your head depth personal finance. How to save the most money did you save money period. Today show today when Craig you know one. Because it's a lot of numbers. A lot of numbers there's nobody how -- -- -- This -- spring is in the its spring has sprung right it's it's beautiful I'm excited and enjoy this whether it you know pumped up so did about at least. Not that I'm aware of although maybe idea because it usually sometimes little things make them believe that it is so it won't affect me. Now on the hit it. You know wildly. Something we should probably quickly recovered as we cover everything how to fight off those allergies but folks it's not -- Michelle you have to listen and other one now -- taken out for next yeah that's right remember. If you want to reach out to was you can reach as it. 8773153624. Hours a day seven days a week 365. Days a year. He got a question. We will have a friendly like that you -- it. Attended the year to take that question -- hopefully can even answer brief they can't they'll make sure they get it in the hands of some genius. -- can -- marked so that they can reach out due to skating Craig myself one of our team members will -- -- you. And give you. A fantastic answer your question or whatever it may be. And we encourage you you've got a scenario he got a question we are you were resource yes suggestions for the show suggestions for the show. We wanna hear him which takes suggestions to occasionally and yet. She showed us we take -- -- he's suggestions. And another thing now whether you live in Alaska or Arkansas lower. California Texas you name any of Puerto Rico for that matter if you're listening to like -- you own it. Your seniors of you know I wanna make sure before refinance my home before -- purchased this home that I am saving the most money possible. Where you're just flat out looking for a certified mortgage and make sure that you get your transaction handled properly no matter where you live. In the United States. Of America. We wanna help you with that you can call 87731536. Number eight Simmons a 31536. And I personally take a look at four if you want me to see if there's a way we can help yeah silent sometimes I. When I'm only our call that number. Just have sometimes -- in the nutrient and it and then I'll ask questions. He dressed in continuous -- what color shirt he's wearing tomorrow exactly yeah they said pink. So just so you know many sleepless nights haven't been on the phone with mark with difficulties and that's right our iPhone so today world with that we fives. All of five you know everyone gives you a top five tips about this top five tips about that. That's about -- why it's easy to remember you can get the ball. -- days. -- racquet -- say who it is cut off before because they're not yet it's national sponsor of like you own it yet we know I'm sure once they hear this promo they obeyed. -- you know if they're running that special whenever that might be hate watching I'm so -- five so we've got to. -- to fill your head with buys five action steps five things watch out for five must -- if you're a homeowner and at five reasons to listen to life -- you -- it every week. I think to the script you re fire mortgage or your purchase transaction five things you need to know about home equity five must ask for your first top if your first time home buyer. Five work out tips for beginners and that's just a few folks. All that and more. Throughout the course of this hour so -- can stay tuned good information all in easy to remembers. Fiber segments format -- -- miners plus five -- format and remember we're gonna talk about here shortly. Where interest rates are where they're trending in that the should he stay or should you go segment is our favorite we've got three or four of those today. Where real guy that listeners have emailed or called does. With their scenario. And we answer on air really quickly release a saintly if they should. Stay where they should go. Should keep on the net current mortgage in their current home and -- -- -- or should they sell should they refinance -- that are real quickly we -- from the skinny. The C scale is what we liked Colin that -- are -- so you gonna jump in some interest rates let's do it national. Average folks we share this with you every week on what he -- we give you the average over the past week we'll talk about where rates were the week before that and I'll give you a little bit of opinion on where I think they're heading. This is always based on a 200000 dollar loan amount. That's what the use for the national average there are fees there are costs and -- points on average. Nationally people are paying right at one point 1% of their loan amount as what one point is that means -- 2000. 2000 dollars. It's very important taken this when you're looking at these numbers that take that into consideration because we always tell yet. Watch those fees and watch those fees watches these over and over and over again every week. Paying more fees more closing cost to get a lower rate does not always compete to better deal. So what you wanna make sure that you do is the math and how do you do that you go to life -- your dot com. Check out the break even formula that I've typed up their seeking to some real simple math to figure how much interest savings there really is. Factor that in to how much you start off with in fees and cost then you'll know what to break even period is of how long it takes to recover or. Seek out well in addition to issue it's a way that option against these zero cost or very low cost loan. Because lower cost sometimes with a slightly higher rate is the better deal especially. In the first few years -- several years of that loan transaction are atlas talked lower rates have done. Over the past week four point 28 and thirty year fixed is the national average now that's. Vs four point 29 the prior week so in the past couple weeks -- we seem interest rates are pretty flat. There may be slight improvement come and talk but that just moment. Fifteen year rates 3.3 oh vs 3.3 oh -- weeks fifteen year rates have generally flat. Five your -- same thing 3.3 five or just 3.3 five. And that's a five year the numbers are thirty years they should folks that rate fixed for five years that's what a five year arm is. Four point zero to an FHA thirty year fixed vs three point 99 -- prior we begin. Virtually flat there. OK what -- I think's gonna happen on the next week well we have seen some the pressure. On on the bond mortgage backed security bonds selling over the past two weeks kind of subside a little bit. So they stabilized in the end I. The slight decrease in interest rates should you not locked in if the transaction -- look -- they make sense absolutely not I think blocking still prudent. To make since jump on it but. Rates could increase let our mark what does that sound all right should he stay or should you go your scenario emailed or if you -- It may be selected through this very special segment okay might. In Tucson Arizona called the hotline with a following hey guys I have a home that I about two and a half years ago for 267000. Dollars that now would sell for around 360000. Dollars. I have two questions. One if I sell now we'll have to pay taxes on my gain and two do you think we're headed. For another bubble or do you think my home value will keep climbing I don't want to lose what I've gained. I would like to sell when -- up and then I again when prices drop again how would we are things I -- she's there she got. I'm gonna say go so a lot of questions will it pertains to just going -- selling and that. I get I get it I give my long term long drawn out nation he says hello as and sell it that your over -- that your focus. If you're so concerned about losing that equity gain in that your primary duty -- -- 100000 dollars so it go for now. Really honestly are you going to be able always -- -- and she's right women timings right now you're -- really by itself perfect timing so. The -- about to go and we got to go when we come back we've got five ways that you will. Possibly screw up your refinance -- mortgage transactions don't wanna do it. Now and I'm on a daily conceivably it on this topic I'm Janet. All right Chris we are back like this you know anything. I was cut off at the adolescent at -- to finish what I was saying it and apparently you have some road raged -- -- guy that. That is and I don't appreciate you this that generically my friend MIA. Skills on throwing wads of paper into the trash can in the corner exceeding -- is a a switch that thing that you missed the second ambulance I didn't as a -- it -- it was a swish might it was a shot I don't look at the basket and I don't airplane -- -- the and to copy exactly did OK so -- folks I would tell you that there are markets around the country that have had -- pretty significant price increases in home equity -- your. You went from you know. Terrible drop in home prices to a fairly quick recovery maybe not all of it but a lot of it and I see a lot of people asking this question. The same question that our friend at Tucson -- had. If you're really concerned about gaining back what you may have lost before or getting ahead you know taking it while you're ahead. Bio means Selby get a live somewhere so keep in mind if you're selling for more money -- Aussie -- paying more money for the other home you're gonna buy. It's just really impossible to time the stuff perfectly so the advice they gave was to go meaning go ahead and sell to seem like that was his main concern. Which you get to a lot of other things into consideration you'd be paying a higher interest rate to what you have on your current loan. How much yet to pay for replacement dueling in the meantime. Does that and get a drop. But before you mean how you really get ahead on this really -- got to -- -- he didn't say whether his primary residence for sure and I'm assuming this primary. But it's a tough tough deal to -- that it's better for just. Along realist it's a long term investment the -- something you can. Continually flip and roll and making management and we dedicating entire show to do the math on -- make sure that the changes you need. If they can't be accomplished in the form every model the make sure you time it -- the your financial plan that can afford it. Making net increase in investment in real estate or if it's obviously it's not going to be -- situation. Then probably no time like the president to make sure you understand cannery model -- now. Is what I'm thinking to purchase something that meets my needs and does that fit into my financial picture the third one. Is the most important all those -- right so cranky ready untidy things that will just turn your arm mortgage transactions sideways. Whether it's purchase -- reply. Hey yeah. What's after her. Yeah you got a hundred I'm mark. Here there and do that if not when we're gonna -- watched video politically get -- -- -- that's that's before my time schoolhouse rock. This is ways to screw up. But I still -- -- -- not to duty or do you do it let's let's help be screw up if you really wanna do this for it to tell you had to do you -- Jack up your mortgage transaction we can help you -- here -- number one you don't wanna number one is Saddam. Let's see whenever you're going to transaction you believe that your house is full of praise for 300000 dollars. Because well -- -- fantasy. But it potentially is more of a 250000 our house -- unrealistic expectations about the value for house. Be -- what happens a lot -- yet if you go into the transaction making any plans or assumptions financially. Regarding the value of your home. And ensure that the potential lender and then you find out the minutes the number one reason why we see loans these days. Fall apart -- the credits good and everything else is on line it's usually the value of the home throws things off. So. Do little researchers possible online. Ask a real -- your area that knows the market get a get a fair understanding of what your home value may be if it's me if it's important to share that information accurately -- -- if you can do something -- not do it. Conversely if it comes to purchasing a home to a strip purchase transaction in that same vein. Assume that the values that. Someone's asking for the home is the right value because they're asking it and it seems like the market's kind of taken up he may be overpaying for the home and find -- -- praises for much less money annually sometimes and the and two we got the conversations -- while the market value is whatever sort most of pay. Not necessarily not in the eyes of someone lending you money someone may be willing to pay. I'm double what you bought back to 78 Ford Mustang four will even say that she -- are twelve Ford Mustang that it won't pay double. But if the market if you look at all the consummate -- as a selling for is half fat. That is the value so there is no in the in the lending world. It's only when enough people when half the people were paying Nat double now. Not that amount then you've got support for the value of Israel through all right and another Craig Johnson maybe another one that jacks up. The EC happens all the time and brutal that for number two yeah. You can rattle skip around a -- number two folks start renovating your home or doing some kind of home improvement project wreck before the -- shoots up to do this. We see is a lot. So was playing -- did some home improvement work. They decide they're gonna refinance -- cash out or whatever the case and then bam let's start -- in the drywall out and picked all the pictures of his bathroom there and we'll get the remodel under way before. We -- loan well. If if the -- shows of your home there's something that would affect the safety health or marketability. They're gonna know take dead in the report take some pictures of it in May very well hole you were refinance until you get that worked -- we run into this all the time so. If you've got to the part of a room in the middle of a renovation especially fixtures are missing drywall is missing that are not functioning as it should particularly a bathroom kitchen some like that. Melanie get that done before you try to get to refinance and or if your planning the work. Don't take that claw here to the drywall is still here doesn't you don't you -- that he got it down. Unfortunately that'll throw a wrench in the works or -- into a wrench into the tournament. All right folks you know the drill should you stay or should you go of that music Angie in St. Joe Missouri. That's all she nailed -- hi I have 823000. Dollar mortgage balance on my home worth about a 150000. I have a thirty year FHA loan with a rate of four point 75. I plan to be here for about ten more years should every time or stay where -- -- I was 123. Worth 150. Thirty year FHA who were and three quarters plans to be their seniors -- -- say go you definitely need to investigate -- -- refinancing may be deluded conviction alone -- -- lender paid mortgage interest eliminate your PMI and if you don't quite have 20% equity. He gets a lot closer look at -- pay attention -- the closing costs and fees he has to net out some good savings over the next ten years to be worth giving it. You're correct it could be leading UV sized. Our rights so 35 -- we have the F five wasted just it kicked -- or. Refinance or purchase transaction sideways. So if it's on a refi obviously written. Begin in the remodel project before you actually have the appraiser come out and close of the transaction. If that would be -- purchase and as you know Britain and beginning in the cellar beginning any work. Prior to agreeing to do work beginning it and expecting it and not finishing it prior to the close date. Not communicate your mortgage lender so if they say if they agreed to replace the roof. Gonna have to be done before re close on the purchase so -- just make sure that you understand that the rules of the game there. Another one is that we see this all the time is. You delayed the process the -- it is gonna cost you more money folks that I I get it it's a hurry up and -- game that's the way that's the way it works there's so many steps to be taken. You get your stuff to the mortgage bank as quickly as possible then -- got to wait a couple days to get a response. So make sure you are not a cause for the delayed because would let -- -- Cost in the rate -- potentially it can -- an extension fees if you extend that rate so that. -- work trust me they're working hard their work in fast on and they should explain right up front when I asked you for some are really need it Bakken 24 hours because the clock is sticking. You don't want that rate to expire the best summer vacation plans with the same lead in you just applied for a refinance guess what. Ask a lot of questions taken good looking your file with your lender before you take offer weaker to you and make sure you've got everything that they need -- -- not be available by phone. Or make sure they know how to get ahold of you were we going to be Casey got a question -- information for your loan -- share that up front. If you're applying for loans of the complaining your rate lock accordingly case or is delaying the process. It is when people do want -- And if you matching closing costs or fees or pay them period end here yet yet they don't do the math they should set they should possibly not do anything it's whatever you're doing the the transaction you pay too much in junk fees. Where you pay fees when you shouldn't we -- didn't have to. I the most impact -- way acting can articulate this or demonstrate this for you is a story that I've had happened within the last year. Before we take a break I'll share this real quick. I met with a with a particular homeowner who want to refinance for the fourth time for the fourth time in the last eight years I'd never -- a transaction for them before they were coming to me. I referral I asked him to bring in their last couple transactions when adding at the fees that they paid in showing them the refinance transactions and doing the math for them. They moved backwards every time. They were 181000 dollars behind it where they would have been if they had not refinance at all just came to refresh -- greatly lowering its time in -- summer so much ease it back to back it up and they never broke keep honey there's other transactions big waste of money folks. Crazy stuff people fall for -- -- stayed at sea everyday -- and the fifth -- quake is the low being folks you for your time in the market you're probably not gonna hit it just right just like when your purchase an home. Don't wait for the bottom take which he got run with it when we come back. When -- talk about key blocks. Life is you about it.