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KMBZ>Audio & Video on Demand>>Life As You Own It 4.23.14 Segment 2

Life As You Own It 4.23.14 Segment 2

Apr 23, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

All right folks we are acts like him. -- five things you need to know you need to know. Absolutely know about home equity loans he locks as mark mentioned home equity line of credit what he liked his but sometimes. -- home equity loan may just be a fixed rate second mortgage or home improvement loan of some type. Anything that takes equity from your home in applies to some other endeavor perhaps the remodel our opinions and college tuition inner. Paying off some other debts or whatever may be you know these things -- a home equity -- especially if you're going to either apply for wanna try to utilize one to accomplish your financial goals so mark. What you need to know about home equity loans number one on the list all right number one is you got to have equity you'd have to ask what exactly is equity Craig. Equity is the difference between what your home is worth. Based on an appraisal -- some type of valuation. In what you uh oh what's your existing balance on your current mortgage. You may have a first and second mortgage now. You -- to expand pay off the current second mortgage taken another and in some cases Obama announced it can be a third mortgage but most commonly. Unifirst mortgage -- a certain amount of equity UN take some of that equity simply wanna take all of it. In apply to some other transaction well you need to have some. So even going back what we talked about previous segment some of the ways a stripper refinance would be did this seem to value Steve you may think your home has more equity -- it does. Need to be realistic about the tiger home in Iraq can be able to borrow all the folks bottom line you just can't keep using after retain some equity in this day and age the days of barring all your equity and in some cases sadly enough. People went far above and beyond what they actually had for a value of their home -- 110% of the homes and a 115 or 25%. The other homes -- insanity but that was done. It's terrible situation there so you gotta have some equity if you -- access that music we see a lot of letters of credit or second mortgage capped at 80% combined. Loan to value meaning your first mortgage in the new line of credit combined can't exceed 80% of what the appraisal is. Now it's loosening up a little bit or start to see 85 he's in ninety in some cases 95%. But expect have to have some equity remaining by the time people's net cash out. Right there a couple types of the lines of credit -- or second mortgages what on it. Leaving your home equity line of credit which works kind of like a credit card with a lien against your house. It's gonna be alone that. Can fluctuate and paid down -- -- -- access that monies paid down again which read I got a clip which would technically be he locks like miss Lola for the break because we've got. Up -- home equity line of credit and then there's another type of home equity second margin tap into sure I didn't mean in Europe Japan and even have a closed -- second mortgage or fixed it and -- leftist extremist closed in second mortgage or your barring a specific amount of money. It has a specific repayment term. And as you pay it down. You can react says that like a credit line he's just paid down and in repaid electric car you're first mortgage would work so closed in and you've got open lines of credit. All right and be closed end is fixed where is the open line of credit is a very boring. And there are some clothes and that might have a and -- for a -- half -- yeah but usually we are right at their fixed -- so you got it. OK so one thing to understand is that it is a second mortgage when he used home equity you're gonna sign a document that in essence. Ties that loan collateralized that alone with your home. Equity so all the same obligations of repayments all of the same ability of that lender to place to demand payment if you fall behind to foreclose. In the event you fall behind on the payment exist. It will usually -- -- credit reporting that it doesn't it is still a second mortgage it is still a mortgage symmetry understand all the same. On the advantages of having that use the eight fixed or lower interest rates also in most instances -- is -- and be tax deductible. Come by it all the legal obligations that if you were failed to. Make the payments they can foreclose the -- kind. -- -- -- -- they need to know about the size alone and sometimes you may think that OK we'll simple solution and he in this 89101000 dollars for some college tuition help my kid out is by tapping into my home equity well you may find that lenders are really excited about making such small loans. In effect in many cases I tell people it is a small loan like that. Immediately just to get an open signature loan type credit line. Without putting a -- on your house but. It is going to be more difficult to go take had a really small home equity line of credit so if you only have a little bit of equity can access 5101000 dollar he may have a hard time getting that loan. Many lenders start. At 20/20 5000 dollars as their minimum line of creditor or second mortgage amount -- and now what's the fifth -- He's in the race you've got to pay attention to this because. He fees on on second mortgages are substantially. More significant in relation to the size alone death then. The first mortgage you pay a thousand or 2000 dollars to do with 2000 -- first mortgage is one thing you pay fifteen hurt -- but to do 25 or thirty -- our second. Factor that into the raid itself you really paid a high APR yet. Just like the first mortgage you gotta do the break even funny you got to understand what is the real cost of borrowing -- sometimes. It may be better to do it all in the form of a first. Not just for simplicity and convenience doing in the form of the second -- absolutely all right. Hey there's the music Craig should she stay or should he go we have Jesse in Chicago Illinois emailed it. I'm considering my first home purchase congratulations -- every house I've looked at the last two months is sold within a couple weeks. I feel a lot of pressure to make a decision. My realtor keeps pushing need to do something I pay 14100 dollars and right now the estimated mortgage payment would be about the same. I'll have about 5000 left in the bank after -- -- and unable to save about 300 per month -- my current bills I'm nervous about this big financial decision. Should I rent for by. Thanks for your show and your advice thank you Jesse. Craig stated. In his run coming from whenever you tell me that you're nervous you're scared you get apprehension. Well that's got to be put in checked before he can move forward to the financial transaction period regardless of the pressures regardless of what the numbers add up to you if that's still what's in your gut. Yet a listen to -- get. Sit down make sure you really looked at the -- there will be pressure because it seems that the market's hot that's that's what marketing is all about. You're gonna miss out on -- -- better by this now. Take your time really assess your financial situation there's other considerations besides that the current -- payment is vs the mortgage. It's about the same mortgages an advantage in some cases but homeownership may -- some additional expenses on a monthly basis that -- doesn't. You've really got to pay attention and I mean I would probably -- and build up a little bit more reserves anyway that'll probably -- they'll -- feels there. He got Jesse don't make it. Here triggers is Jesse state -- -- -- stated. Why did you own it and today is the day of five east. 555555. Marks. High five. There you know why did you like push out the high five him like it was a bit -- just pushed it and you. Did they elect does that guy's gonna -- -- that we haven't that we did you find what's on my last breath I was just -- and you know how fast trying to further it was kind of like. Patty cake I've tried that's right you have -- both of those those five got it. Okay so was all about the size five as we've. -- rifle through you've missed so far if you haven't been paying attention or if you have not student in the attorney to show remember you can go to YouTube and watch all the video or you can go to like that you own it. You good lives you know website like -- dot com. And you cannot you can podcast the show you cannot listen old shows you to listen to this show. And get all the highlights. Listen to use highly Kansas -- that we have been recorded yet that's right we're working on that figure out how that that is likely again and -- so we were starting couple new businesses as we discussed off off off -- just a minute ago roses ringtone renovations you know you give us your information she'll see you suggest be the perfect -- -- based upon the personality to scripture that you've given my president. You do that the other is going to be you're gonna be able listen to future recordings of the show before they've actually been recorded sounds like other business big -- make billions. All right folks back to a serious note we've already given you five things that will possibly put a dent in your refi or purchase transaction by things need to know about home equity. On and now we're moving on to while five. Major must haves for your first home on things that are gonna make that first home at your little version of the palace -- electric. By what what did you like about your first child I like the it has three car garage actually was -- real stoked about depth and had large closet but had no storage space whatsoever which I quickly realized would make my closets full in my garage full. Negating the through our regular closet so don't based upon the way I see you dress I'm surprised you needed a lot of closet space -- just kidding yeah you are sharp Dresser. And he's wearing -- today and wearing coral it's the new grade it is alright folks so why eat it your first time home and what are some of the things that we think will make it a fabulous so first time home and number one is make sure that it's a place that you were going to be. Long term talk about it every show is not real estate. In matured into their store. Is a long term investment you gotta be there five to eighteen years he got a good opportunity of making that investment in real estate in that home. Being a fabulous home for you what else -- to you now a do you know what else actually in here is what it is. It's because you pick -- up close to comment on the other thing below the OK you can read ticket. Affordable price tag an affordable price tag can you really afford what you're looking yet. Don't over how's yourself make sure you've done a solid job of developing your budget doing the math for -- financial plan together before he pulled the trigger -- -- and home. Now I will say on the flip side of that we've talked about this and previous shows don't under house yourself either. Make it just fit and work at home that will last for the next five or six years or more and make sure that it fits your budget but don't. Under house yourself to where you are compelled to move in a year tee because it's not meeting your needs. But be affordable. It it's -- affordable they'll be so concerned I did this regretted my first home purchase. Bought another home a year and a half later but thankfully the market was different I can't imagine today buying a house -- -- year two later your first some -- a three car garage in their closets right and then any -- under house I can't explain the arrest by rosenhaus and -- it just it. OK I was content -- OK I need to see our literature -- it'd be honest with -- listeners I'm sorry we can. All right so -- number three is and this is the three biggest words and real estate I know it's cliche but it's true and it's it's it's tried and true. Location location location folks if it divine and you feel like you're paying a little more for premium. Could your own called the sack you probably are if you're buying it. And you were paying getting a fantastic deal that perfect house in your right on the busy street. You bargaining fantastic deal but it's all relative. If you take the same house he put it back on -- to -- you're gonna pay more when you go to sell. On the house on the busy street you gonna sell for less on relative -- it's gonna take more time to sell it. People want locations so make sure they you can be their fiber teen years in that location meets your needs and that it is going to sell. Quicker nodded to discounted amount it's beautiful house and application. I'm also. Maintenance on the house checked that in check the maintenance records as much as you can see happen whether it's HTC to major components all those things. But also as you have a property inspection which yes your first time home are you must have a proper inspection. Go through it are there things that indicate whether it's a bunch of a good amount of wood rot when they find galvanized pipe that is is leaking in the basement whether it's. -- -- around the foundation you can see. Landscape and -- -- the the soils pulled away from the foundation might be settling etc. has there -- the proper maintenance on the house which means that you're not just right around the corner from some potential serious issues. All right what else could not tell you that's a big indicator of how the rest of them only the is taken care -- what you can't see it there hasn't been HVC. Annual checkups -- services done. EC all the you know the landscaping around the home it is been you know neglected. -- usually not good signs of get a very thorough inspection even if it's a -- home by the way we always reckoning beautiful inspection on that house you can see and I bought house before worth owner before was meticulous. And I mean they go through and -- That's not you know not that you still can't -- house that it never meticulous owner but trust me. On if there is deferred maintenance he may not see right away but it'll show it in the rear its ugly head eventually makes you feel it. That's right thumb and then lastly is 211 way to make sure -- -- is. Does have a lot of the -- newer components that most house's need these days to be a marketable and also. Save you money in your energy bills so. -- that energy efficient windows does it have I knew were hot water heater does it have bomb plumbing I mean updated plotting copper fox -- which most are gonna have that by now. On does have either features and amenities. That com are in line with -- -- what today's homeowner one's gonna save you money gonna -- time and say to -- it's -- even even paint colors and things like that you get a factory you're gonna spend money on this kind of stuff. By home and older area in -- buying a home that's kind of got a lot of it's it's it's you know whatever lack of updates confirming it's kind of stuff. You're gonna spend that money so factor that in practice when we come back we've got five no brainer money saving tips that everybody forgets like his opponent. And from sun moon. Yeah.