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KMBZ>Audio & Video on Demand>>Life As You Own It 7.1.14 Segment 3

Life As You Own It 7.1.14 Segment 3

Jul 3, 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

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    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

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    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

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    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're back. Life is gonna arrest and have the final segment remember. If you just tuned in elect as you know for the first time this weekend well it's time to do it again next weekend. Mark your calendar to remind you to tune in or better yet subscribe to the podcast. That I teams' checking out. Also you can. Always get on FaceBook Twitter all that follow us on their good YouTube watch the video watching archive videos on YouTube. Watch multiple ethicist and your entire Saturday. Don't got -- long don't do anything fun -- fruitful. Just sit on the couch with yours little iPad or computer or whatever and watch like -- and episodes over and over and over. Please call us if you got questions giving the answer -- gonna scenario question this situation you're in need is one I know him what -- these guys did. Here's the phone number 802706425. But in your phone right on your refrigerator with a permanent marker -- like a white refrigerator. Leave it on their forever for the next people who live in your house included. 800 G-7 a 6425. -- mark that down because some day you're gonna be in the middle of the transaction you're gonna know what these guys tell me if all right mark if we have time I'm gonna try to give a little. Breakdown for our folks that are maybe 1015 years away from retirement thing you have that house paid off before than whether or not that may mean that you could I give a lesson that. I don't greatest power -- that's and that's the other doesn't talk about this -- It's common it's it's a more common counseling session that I find myself in these days than ever before. I've got folks in the 404550. Year old an older Rangers say hey. My goal is never paid off home -- retire at 65 for example folks this is say your fifty years -- You got fifteen years left on your mortgage. And you're thinking how can I have my house paid off with it or what's it going to be like with the relief factor going to be. When my home is paid off or the just say you're someone -- 50556065. You have the money to pay off your remaining mortgage balance right now. In your radio because you are retiring and you wanna write that check in with a big old mortgage payment. Well folks don't want you think about something. Where he's a 150000 dollar mortgage -- for example so you're. You are awaiting your fifty was fifteen years ago or you're 65 -- re -- -- -- today you think cabinet house payoff is going to be. The gateway to freedom. Out of all this heavy duty days have so much more cash to work with and live off -- and take vacations and there's your screen kids with and so here's -- really works. If you've got to have fifteen years left on a bounce of about 250000 dollars you've got about 11100 dollar principal and interest payment. On 150000 our mortgage we don't know your house is worth just to say the national average like your home is worth in the 200000 dollars so range. You've probably got real estate taxes in the 3000 dollar a year range your insurance is probably about 12100 dollars a year. So your mortgage payment may be a total of 14100. In fifty dollars a month 1450 would be a pretty common total principal interest taxes and interest payment you're thinking yourself. May have -- have a mortgage payment to write that 15100 dollars -- government that being good shape here's what's happening. When you write that check in you pay off that mortgage or you finally get that thing paid off when you retire. You're still to be paying the majority of that payment. No he won't be -- checked we mortgage lender agreement that you're gonna write that check to the county. Tax assessor for your real estate taxes he gonna write that check your insurance company you're still gonna keep her home insured. In you're no longer going to be contributing to principal anymore on that payment. United -- the interest Johnson not to be contributing principle which is just moving money away you write that check from your checking account into your home equity savings account. So 150000 dollar mortgage at a fifteen year term left over. That 11100 dollar principal and interest payment for 600 dollars and its principal in about 500 interest. If you're still itemize in your tax return you're probably getting anywhere from a hundred dollars a month may -- even more back in your tax deduction on their mortgage interest. So from that 15100 dollar mortgage at 14501460. -- so my debt. About 400 dollars maybe 350. In a lot of cases is what you actually net in savings every month. When it's also and announces -- -- the rest of it was -- money your paint yourself in the form of the principal payment or to county taxes and insurance so. When it's all said and done. Don't count on that paid off house being the difference between the couple retirement not have your retirement plans set up to whether you pay your -- off or not you're set. And you may one arbitrage a 150000 does that that you could earn more than 400 dollars a month. Fantastic information Craig and you know what next weekend we will go over -- mortgage planning. Why it can help you or how can help you really set the sales on your financial boat. Where your case financial ship. Yet they chipped all right folks like these you want it thanks for hanging out -- and remembered to at stake --

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