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KMBZ>Audio & Video on Demand>>Life As You Own It 4.30.14 Segment 3

Life As You Own It 4.30.14 Segment 3

Apr 30, 2014|

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  1. Life As You Own It 10.30.14 Segment 1

    Audio

    Fri, 31 Oct 2014

     

    retirement planning found at 10:58

    five years ten years twenty years. Take a look at your general retirement planning and they knew it. Make your financial decisions based upon that working in Q a sensible plan. Unfortunately with mortgages what most
  2. Life As You Own It 10.30.14 Segment 3

    Audio

    Fri, 31 Oct 2014

     

    craig miller found at 3:32

    this. Break in wyandotte Michigan ominous unique little known if not completely. Unknown effect for our listeners that is where I was born interest in. All right so so what's the fact frank that's where you're down one point 01 point early in Brett by Detroit there's so get through it you gotta all right frank you've probably. Gosh maybe you can drive by the birthplace of Craig Miller the guy I think his wyandotte how's that that regional hospital there's south Detroit maybe. OK so let's talk about your first of all your comment about your budget being tight frank chemists say. You gonna I wanna stay. He may be able to refinance to save money I don't think you're refinance and save enough money considering in a tight budget you don't wanna go shorter term. Mortgage in fact you could find yourself being hurt by that. It sounds good to get that low rate folks this goes to all of the other being enticed by that low rate but if your budget is all tiger not saving enough for retirement you're actually cheating yourself. Out of long term asset growth and additional money retirement. Even though he'd be paying your house off faster you're given up something that you could be earning
  3. Life As You Own It 10.30.14 Segment 2

    Audio

    Fri, 31 Oct 2014

     

    building home found at 2:23

    are gonna. But your battery cell homer a new home or your building home from scratch is this a lot that goes into the focus on his let's face it that's where you go to bed
  4. 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
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Automatically Generated Transcript (may not be 100% accurate)

All right folks we are act like you -- it ramped up with yes this week in the final 45 minutes -- hang in there with us let's have some fun this last 45 minute mark -- Bring a little bit still color that some are. Oh okay so let's start there to start with fun okay. All right and it runs on that Venezuela is to crush their crushing cars and bikes to build houses. They are that as well as that until they were struck crushing abandoned cars and bicycles provide Rochus housing construction and supplement drastically reduced amounts of local steel. They had to say they have 101045. Automobiles 9601. Motorbikes and 530 yard bicycles. And they got -- so yeah that's the whole thing but I don't know rush that we had -- going to they're gonna turn into materials that they can build houses. So it's not technically folks is not that they're gonna use those to build the houses that would send a little better at the open of the show they're gonna use these to come up with the steal the shortage of the raw materials. And re purpose them for four construction materials you know. That would be -- huge improvement with the -- Hugo Chavez they're usually. In his dictatorship most of his people are living in this crash hopefully he lets the people get out of the car before they traction because they live in this cars down there off again. That's those are their houses right now that's right guy she she stayed out there aren't. All right also we talked about and we had a -- should he stay or should you -- segment where. We insulin it may -- could use a sub prime mortgage but of course our advice to that to her was you know -- The unity is sub prime -- -- need to do his first rolled sleeves and get back credit -- and cleaned up. On and and get that part done then. Look at buying a house and also -- -- a little tip to have two is if you're renting. Consider tried to identify a property that you can do at least purchase or potentially contract for -- and understand contract birdied. It is a mortgage on so if you can if if you're the buyer and you can negotiate the same kind of terms. Four they give -- the same rights of appreciation as -- as a lease purchase gives you more flexibility. Tony it is seller. -- -- -- -- -- If your cellar of the house you order to a contract for deed you always want to you create at least purchase contract but do not do contract pretty good if you're held to all of the the legal. Requirements -- that are a foreclosure. Just like a mortgage company would be all right so -- The sub prime what do you think of sub prime making a -- well I don't have a problem with it. I'm coming gives him advice to those -- here who have literally are used legitimately struggled with your finances if you legitimately struggled. You budget well to make sound financial decision you find yourself where you get to -- -- -- and finally get that car -- you know -- get approved for maybe even a mortgage. In yet you find yourself in financial trouble again a year later years -- three there you there's usually your reason for that. The only problem I have of the sub prime loan market that. I believe was a big problem before when we had a lot of it is that it allowed many people who were not financially. Savvy enough disciplined enough educated enough. And I don't mean education in general come -- financial education financial acumen to go heading into something it sure seemed like a good idea at the time. And it worsen their financial struggles that they've already constantly dealt with here's the deal folks. A sub prime loan could potentially be a solution for you. But you better make sure that you square yourself away in all other aspects of your financial plan before you choose to go that route. Oftentimes my opinion is. It's better to get everything squared away savior monies to save your time were on your credit and everything but to where you've become. The best version of your financial so if you can be before you take on homeownership rather than just -- in because there's now -- -- available to get you to the house. Yeah but that the other areas. You'll probably find yourself struggling not only those areas still. Now you've added house into the mix it's gonna it's too I think that's great advice dragon is -- reporting view that there's an increasing number of opportunities for you with larger down payments 25 to 35% down. You need to have an interest traded eight to 10%. And we're not saying as a terrible interest rates if your credit is is that that -- were saying you know what. May not make sense for you. On the -- to jump into that get the credit score cleaned up a little bigger financial house in order and recognize that with the 600 greater score. You can do an FHA loan with screen half percent down it's gonna give you very affordable housing payment yeah all right another installment of life that you -- it we appreciate you hanging out doesn't remember. To call 877301536. And eight at ten questions in the state assi.

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