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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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    home loan found at 2:45

    paradigm shift here. Obviously for the past 34 decades if you're tracking interest rates on mortgages you'd notice that in general taking -- as at five every contain year. Average window of time decade over decade mortgage rates have typically. Trended lower lower lower so when moving up and home or. Refinancing your whatever has come along -- been -- the benefit at a lower interest rates usually it's is an additional motivate her for people that are looking at moving like -- you know we're. Seven and a quarter and my first home loan for example was eight and a quarter. And when I bought my is my next home I think I got seven or something so it was a huge. Different generate over just a couple of years period of time was when rates dipped down I was able to buy another home. For not a whole lot more money. Even those more expensive house because my interest was so much -- well. That's typically what we've seen. As a trend and people of enjoyed that now that might be changing so if you look at the Adam average rate of the past few years. Interest rates dip down to a record level on the low threes on a thirty year mortgage November 2012. And it took till about
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    buy houses found at 13:26

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    vending machine found at 1:55

    but to others survey that shows. Virtually everyone who lives above the poverty line has the ability to -- twenty bucks a week saving. Is a habit. And it's something that if you develop at a young age. That it can become a part if you were financial DNA so you do you have the ability to save regardless how much money you make and that's when he dollars. On if you're -- just above the poverty line is a big chunk of money that will make a difference for you if and when you needed. I'm not people that play the lottery -- chances went in the water. Sitting him lynching so -- it's getting hit by lightning. Vending machine -- the Wall Street Journal analysis 95% of gamblers Li use in the end. You gotta know when to hold them and pull them. And what went on -- -- on -- -- of -- -- said they -- well I just -- that -- half truths to -- kind of -- and the dogs vet her for buying on credit folks don't get in the habit don't use this credit cards if you pay cash in your cognizant of and you're only spending what you have and I am not as much as
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    dogs chase found at 6:08

    he wanted to circle that block a few times. -- and rabid dogs chase you down so. I drew that -- -- you -- -- all love don't fall for love at first sight drew says
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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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