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 real estate we keep de -- you know it's just good old fashion. -- All right we are Michael -- -- mark McDougal he is Craig -- third abstract art -- All right we're ready to have a fantastic show we are joined the weekend that we've got a lot of information for you and Craig -- Thousand better. -- print smack myself as probably you know what I'll do Korea there are a mess and what you're just as dominant first time welcome aboard we commit to each and every weekend. On a growing number of affiliates across the nation that we thank you again for joining us. Hope that you will learn in fact we know you'll learn so much about the biggest investment you probably making your life the roof over your head. We call like -- because we're gonna help you. Help illustrate for use of tools tips tricks illustrate articulate whatever is their power use -- got in parity with Beijing's that you need to do. To become a savvy educated sophisticated consumers even the most on your mortgage -- the most on those home improvements -- send your best audience. Man you got it all of that each and every -- and -- shopping got it we'd like to have some fun to Larry Craig would ever love life love life. Neither one of us are any good at it but we try to throw a strike out there we don't stop trying. Remember you can check out were looking right now the big screen yes you can podcast the show you can videopodcast the show you can take -- on the road. If you go to like -- you own it dot com we've got all the latest information about showed to include upcoming guests. And FaceBook YouTube Twitter you name -- were available to you and if that's not enough. You can -- is on iTunes I heart radio and war and tune in -- Radio. Podcast web cast video podcast is what we recommend you do the can -- can see just how handsome. Craig is an outcast and out -- -- are right so we got a big show three days you mentioned. To begin with the age old question now. How much money do I need to make in order to afford a home. We'll tell you which cities are the cheapest and which ones are the most expensive enough people like to notice especially if they're thinking about moving right change your mind. Home sellers if you wanna drive a real estate agent -- we've got five suggestions. Okay were strongly encouraging you not to do any of these I'll bet. But each and every one of either sold and you've probably violated at least. One of these. And in -- real estate -- were partying like it's what what year. 1987. Point 97 and 1995 maybe 199493. Big. You you get what I'm laid down we'll maybe it's not that big of party and I'm hoping in fact I'm pretty Serena have the same size hangover. But look at the rule housing is on for the last eighteen months Craig that's RO LL not RO LEE is on a roll we're gonna share data with yet. Beam me up cranky during called cranky. Note because -- -- now. Chris I'm your credit he called Greg might benefit idea again grant. Get Greg my closest friends actually becoming Greg for good times made you beat me up Craig he Star Trek fans we've got how. House for you what you might need Thurston -- money to make it happen speaking of gilligan's good friend at. It looks like an island very similar to -- it is just sold at a sold at a huge. Just decimated at your new island get marquee I have not yet yet -- -- -- -- taking yeah so bust out the string bikini. And down also student loan debt it's killer in -- -- is talking about that a lot -- just when we pummel you with this because we want you to know it is a killer. It is Akeelah and we've got five colleges you can attend for free for -- prices low three -- free. That not to thank both Hillary FOF -- right now that F a UX. (%expletive) it I'll let. Is that -- -- so -- -- made every right and I just there but that is what dating his -- -- -- both free as the little planet you are out there market that you had a good. -- slow minority edited one ensure you get that next job at a lower rate on your mortgage pay less for insurance by the love of your life. We'll share the secret leader in the show. -- all right folks as you can tell a lot of good in though -- over here in the studio is confident he is. You're ready you showed today aren't yet mustered up. Janet all right wipe the drool off your -- sit up straight. Sit up stand down stand down soldier all right so also at a typical episode of life. Usually you're gonna hear where interest rates are training so much every episode Christ need to interest rate update. And we're gonna be some should you stay or should you go scenarios real and -- of scenarios where you the listeners email does or called as your question. Your scenario and we told you. Craig tells you very quickly and expeditiously in less than three seconds. When he should stay without -- stay with that apartment stay with that home you're thinking about salad or staying in. Or you should go get the heck out. Right so what you do is you give us the details we don't care that the we need to know what's the loan amount what's the wreck your pain on the home how longing to be in that mortgage or in the rental. And what your goals are of the transaction kind of circles of the transaction will tell you whether you should get out of dodge where he should stick with what you do and now. The record that's right okay who have so -- When I jump in with the interest rates -- rates that this also -- that showed you -- you know I'm interest in any studio some potatoes could throw and I think I'll hang in there with what you -- our see what happens that our -- we can you maybe this administration yet. We'll see what we can do it this information okay rates folks we bring -- -- every week you wanna know what they are we're gonna share with that is the national average so. This is not exact science your scenario may be different these things are predicated upon a few. Basic premises at the national average is based upon every week at 200000 dollar average loan amount. 20% -- more equity perfect credit. Keep in mind you might have less than perfect credit -- and -- a lot larger loan amount a lot smaller loan amount that can effect things and we dvds national averages. These averages don't include a very important aspect of the transaction you've got to be focused on what is that the fees and costs folks. That's where everybody gets dig. They might get a good rate they pay too much and sees. May be conversely don't get as low -- your neighbor be paid no fees which means it's a better deal for you ultimately in a lot of ways most ways for the long run in a short run so. Watch the fees watch defeat and of course watch those fees -- the three rules of mortgages. As much as location location location is the rules of real estate we wanna tell you that when it comes down alone watch those cost. As a dvds rates are ever compared to last week we're gonna give you this week in -- where we think things are going. We -- -- to keep the mine Tuesday at regionally things can very in these do include some point people are paying on average about one point 21 point 1% of your loan amount. And a 200000 alone it's 2000 bucks. In addition to some of those other fees and costs that we mentioned before. He got to try to watch that so that if there's a better opportunity compared side by side you have the choice to make an educated decision. Ask a lender you're working with. Do you have any options with no fees. And that means nothing holding your loan that means nothing charged passed on -- that means it's paid for by the lender. Or maybe lower cost -- what your initial quotas in -- with the rate differences in May ultimately be the better deal. Thirty year fixed rates folks four point 13 average over the past week. That's compared to four point 17 the week before we saw a little bit of 15 vs 3.2 one. Five your arm that's fixed for five years. And can adjust to work as an a thirty year loan that's about 3.3 oh average vs 3.2 60 pretty flat there actually went the other direction. FHA thirty year fixed three point 87 vs three point 90. All right folks so what are we seeing while the past week or so we've seen interest rates improved but I believe as we closed out last week rates. Showed faster technicals indicators that we are probably at about a bottom for right now short of a major financial. Upheaval some type of you know beginning of another recession or you know international news it it kind of puts a damper on things. I don't think rates can get a whole lot better. Then they are right now my opinion is locking is prudent if you're in the process of buying home refinancing of this would be good time to take advantage of it. Mark come on over going to be -- Mark was it right up on me as if you'll see they don't like Heidi as you know it's going to get its economic YouTube. I'd like -- -- -- -- dot com -- -- if you -- it on YouTube -- you'll see what's going on you'll -- the shenanigans sorry transition -- I didn't mean to invade your personal strangely I enjoy -- while you're given the -- that's great information closeness bottom line -- folks is -- always says -- can't explain the transaction your friends around the water cooler than you probably shouldn't sign on the dotted -- -- candidacy and Eric -- Chris said it right I can expect your friends. You -- you well enough that they would understand what you -- -- saintly -- exploit somebody doesn't explain why did it. Don't do it yourself. Hey if you're listening but I just set it you know that's exact -- better you do a good save a little bit of a list -- mystic I think it's may get cough drop in amount. -- all right I'll -- you know that's spring cold all right folks. Well do you hear that music no that's not music that's that's that is music -- -- it's not music to my here's a look at it means we've got to take a break folks when we come back we're gonna answer the age old question. How much money do you need to learn to purchase a house we've got some statistics from a several different cities you'd be surprised it. How affordable it might speed the homeowner. I think you -- state to -- this. All right friends we are back for life -- you -- -- I'm Craig Miller if you just now joining the show we have. Of course mark -- here as always. Share with -- beauty but the truth. And we're gonna resilient on all kinds does that especially as we just in this next little portion of the show we talk about early on how much money. Do you need to make to earn. In order to make owning a home affordable endeavor for the and you know folks from many if you put that are probably partial first homer those vita can't -- and purchase your first home. No I don't know Craig do you think is homeownership affordable. I definitely think that it is a do you think people ill prepared generally the the desire to get -- at home quickly. This makes people cheese I guess not to be set up well for the for the taking them on his -- be so but I mean it's affordable it's just going about the right way it's very affordable. Yeah if you get start on the wrong foot you can -- defeat. -- made -- Genesis of the show was that people were purchasing the largest asset elect's plan their entire life with no form of financial plan. Secondly we found that you not only did a financial plan did not protect their assets properly and then we go nationally in -- ought to protect their assets that. They may be missing out on opportunities to get lower interest rates on the credit cards -- setter by knowing the tips and tricks to maximize their credit score so many things -- right out of what is their single largest purchase them making their life and having a budget strategy to maximize that opportunity is what got. Do so but this is why we're here so our race in in -- few cities at Cleveland. Detroit Cincinnati Atlanta Pittsburgh Saint Louis some very nice some very nice series. Eat if you make 35000 dollars or less you can purchase a median that the median price home. So -- and that is in the low 100 thousand's the that home price for those markets can be in the below 100 thousands. You can buy a house a nice roof over your head in these markets remember folks it's all relative. Median home priced the median home price in on San Francisco on the other end of the spectrum. Was 600 in 79. Net thousand dollars. And that means you would need to have. The median EU would need to make -- 137000. Dollars a year combined -- cannot -- -- that's still stretch to live that way that is -- -- -- brand and they have sure that in the -- also relative to now yeah yeah I -- other words what's the cost of groceries with caustic gas what is your commute cost all those kind of atrocities of public restroom in San Francisco I think does that date cost. Oh the other -- and a coin operated yeah all over California -- -- -- -- you know what they see you come and and they charge for either like you guys -- both joined yeah we had they had fifty dollars -- perhaps have a plumber come. I'm not a lot of it there's a lot of dual co habitation going on and residences and in cities like San Francisco were multiple families live in one house. And it doesn't fairly cramped living conditions to afford to be a live. Live in -- home there are so so folks the bottom line is this is we see it in and a lot of markets it is very affordable. Act -- it'll have the more qualify for which is really what we're talking about and this this numbers what does it take to qualify for. From the more we call the PIT act principal interest taxes and insurance for the median home. In -- don't have to make a lot of money. By. PI TI payment yield on the house -- pay for the utilities she got to pay for the upkeep you gotta pay for the washer dryer. All the things mow the lawn landscaping all those things that's why we had that they'll sneak up on that people especially some kind of on that borderline mixing in your water heaters out of the center. If you recently -- you can't afford to fix it so is hoping is housing is holding -- housing affordable quick yeah. You need to make it just like a business plan put it together hit yeah. Now write that music means time -- should Easter should go Craig. You know the routine here reading this or any eureka springs Arkansas our road at a nice -- house that has the mortgage it's worth about 300000. Dollars. I now do what I'm now divorced and want to move permanently to lake my question is should I stay mortgage free. Or take out some money to invest elsewhere I don't have as much liquid retirement is I think -- need and I am 44 years old. Please insides. -- not exactly should he stay or should you go material for say we're gonna answer would put that on here folks we selected this one. Because it has some merit this is a question that comes up frequently. If I stay is staying mortgage free and go -- taken out some cash of your from your equity I'm gonna go go. Here's the situation though you have to like anything else have a bonafide plan a well put together plan needed team around your wealth creation teams so to speak. Good accountant and good financial advisor and your mortgage plan there need be working with people who are -- inform you well. Advice you -- with ethics and you know integrity of what's the right thing to do and not just -- to make the sale. Is are opportunities free to hedge that money or arbitrage those funds in come out ahead and have a little bit of liquid funds to work with and in in move around yes. What's the right amount where we don't know it sounds like you've gotten. The substantial asset their that's the right home to live in in -- where you really wanna live and it fits you know there's that priced home pits you're. Asset slash income structure. -- stay there may be you downsize a little bit from that and that's the way you liquidate some of that equity to invest. But definitely sit down with the super good financial advisor -- cares of action needs and see what they think -- -- them. All right -- Good what my friend of his home sellers to one driver real estate agent knots. Here's your five suggestions that they're ready. That's here. Ranked number one might -- go ahead and price your home. Well over what the real estate agent is suggesting suggesting because you think it is unique and therefore worth my money. That's -- suggests one we see it all the time where it will we have this we have a swing Centre -- Gerard -- if there are people who come up with sort of granting the -- we used on the countertop is unlike the other -- in in the other house is on on the block -- -- this was. We -- an exclusive from Brazil. No but seriously DC there's a lot those three guys may be PD features or maybe you do have the nicest yards on the on the blocker -- -- -- him. Some really pretty shutters are you remodeled and it's really need but. What's your home sells for still it's just the fit the area and of course it'll sell for what -- are well on the pay. If you try to over pressure home you're gonna kill yourself in the first thirty days on market you've got to listen to the experts in you've got to think this thing through -- -- is a big one. All right time now and this is a big one also you don't clean up the home. Especially before showing folks your house must be needing it must be tidy on the even claw. Every time your home shows and let's and knowing you're trying to but every time near your home just. Did you make up right -- future. Europe Craig in your case you would -- a course -- on I had a -- -- on make sure it's pinned on -- extra innings you're ready to go but Richard you only make 11 impression. Right Greg that's when I'll -- I say -- write a mystery is usually the first impression and make with mark is my knuckles on this morning and he did it in there. And burial and then I got all my gosh that that mosquito that is Vietnamese generally mark my forehead if -- -- -- -- three as well frank. You stick around here in the open house here -- out they let there's not unlike Kevin the homeowner there it. Tell yelled out of the well doctor measures that I -- these air filters every quarter when they need it or not that's right economic you know -- -- bathroom cost may. Folks again countless near real estate agent let him show the house but the people active investigative their own accord now. Go go get a cup copy -- house with the professionals do their job. Number four you hold out for extra money at the last minute. Are you guys got a buyer they make an offer on you and Andy once 2000 dollars of you know may need inspections come back. And it's 500 dollars worth of work that they want. And year unwilling Overland but he got a full price offer -- you think not I just want this additional 500 dollars folks I'm just telling you if the market is not flying it's 500 dollars he got close. Don't get hung up on little stuff drive into the gate you're -- closed move on down the road they'll get hung up over 500 dollars 800 dollar for a thousand dollars for being. Penny wise and pound pollution often it -- let your ego not pay the money thing -- scandal at your ego your pride get in the way of making a business deal. Number five is what Craig. You don't clean up before turning the keys over to the new buyer. Now at a drive your realtor crazy under everybody else crazy in the kind of like a little bit the dirt bag. You -- just walk away like you don't care especially we see this a lot of people already closed innings -- it was taken possession -- -- -- -- later. They show up. He left trash of the clutter you get left the junk that you didn't wanna move out of house yet no use for it anymore. It just really is this not a cool way to do business and they're there and there's a real benefit to this also lets say you leave the house and and in -- condition immediately -- -- -- Let's see get a package -- Weathers the mail you get the mail for some it's -- there. How likely is that person going to be to go well let me get this to mr. and mrs. Smith who left. Dirty baby diapers and had to be hidden in the closet upstairs I did that work. Leave it you may need that buyer that person at firehouse to provide something to you in the future. Just the right thing to do the talking smack on medial neighbors that you just -- -- good friend asked right OK folks as we said real estate is hot hot hot just like 1995 just like Craig in that shirt or not. We'll tell you how hot when we return if you live as you own it.