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KMBZ>Audio & Video on Demand>>Life As You Own It 7.9.14 Segment 2

Life As You Own It 7.9.14 Segment 2

Jul 15, 2014|

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  1. Life As You Own It 10.30.14 Segment 1

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    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 friends we are back we are back to address we Lynn -- live in Memphis. She called -- -- 800 number as mark said and you know we shouldn't have laughed though it is what it is kind of money you're the one calling your. Its current husband a deadbeat and I guess it's not rather laugh than when a -- or feel bad for you we feel bad for him to be called such names we feel sorry for you for dealing with a so here's the deal mark what's bottom line here is he he's blowing money left right thing at 64 -- or the credit card bills she owned a home for their Mary looks like. And -- thing but he's -- and even a little Sissy so on the house of -- off her side of the debts and moving on it. Roland on down the river and she's -- man he deserves an important thing that we don't know is that we don't know that the laws associate with marital property in the state of Tennessee I'm so there's two things I'm gonna tell you one is. Before you go sell in the house on the moving out. You might you need to consult an attorney we need to identify what your rights are -- that -- property been married for twelve years. -- status there's a good chance that. He is going to be entitling very good chance that he may be entitled it to portion of that equity piece of house. But that's to be determined based on your state. State laws and also the negotiation of your divorce so. Contact an attorney. Definitely appear -- he's dead media hasn't worked -- -- credit card debts doesn't sound like you have much of a partnership in the way of a marriage anyway sounds like a sweet sweet Meehan I mean yeah I yeah. -- -- so are our recommendation is. If that's. Given the information given his get out of the relationship. That sounds like to pick on the deadbeat that's not a positive relationship to be an. Get out of it. Consult an attorney about the divorce proceedings to include the property settlement. On the dear Matthew do your homework make -- understand exactly what you're getting into in my strong encouragement is to. Treat him like a human. A person that deserve respect and and try to be. As dignified in this process you can. So the you can move on with your license that's what's won -- he's decided to do. So always a good -- to -- -- -- counsel to seek. I mean really have a with -- -- -- beating this maybe can get on dead beat it beat it inherits foreign -- folks you're talking about seventh on things we do -- wrap up that I was we've got to move to a more -- it was a battle they write about it we just don't forget to have little simple backyard -- ballots or maybe do little -- neighborhood car -- make eliminate stand. You know whatever turning kids loose -- department. Yeah who happens you know I think lemonade stands those are fun you'll see those often anymore and it's a great way for kids to get a little extra money cleanup. Honest every time I drive by Anderson a young. She can sell lemonade in my neighborhood. I'm compelled to going to in my -- And you know get their their glass of warm lemonade and often -- -- -- -- -- -- as very solid today because a lot of credit problem RNC I doubted that there -- who knows what it is but it's carried to the heart beats the smiling face of -- young child when they've and -- -- a little entrepreneur realism. Don't do it my brother and I did decide we sought in the garage sales for several months during the summer when you reset the toy sale. We sold over toys off for pennies on the collar on -- socially -- cash which wasn't nearly enough the replace a tenth of the toys. And we ahead of a mother who went around knocking door trying to you know our poise back but anyway we did that housing kindergarten it was a good. And it's in order to move that's a good first step in a Clinton did all right anyway. Okay so well let's jump into our our friend said Jonathan drew those few that haven't checked out the show property Brothers on a sheet TV you should. Lot of it's fun entertaining and the ladies -- you think -- attractive gentleman right. That day she says -- there's no Snyder tired they're not your type necessary and oh crap Saturday but but they they have a pretty big following they they seem. It we've interviewed him on the show before. Seem like just down to earth great guys lot of fun it's great information that they wanted us to share with -- listeners. On a number one is that to your homework and -- of buying a brand new home Jonathan says in order to pump these homes out as fast as the builders want to. Some of them cut corners like not waiting long enough for concrete to -- properly -- hiring a train labor forces. I'm I'm not saying new construction is bad you just want to find builder who has a quality product it's going to last a lot longer. Number two Craig. -- -- truth the truth you know you -- drew -- Jonathan got it under which ones that are looking like is that we need more clearly that would be Jonathan if I'm John -- we've got that he is now it's OK so you know the hidden costs of buying -- home folks -- says over and above the actual purchase price at -- you may have to dish up some money for -- transfer -- mortgage cost home insurance legal costs and -- insurance. Ask your real estate agent. For a complete list of all the SP closing costs so the only surprise that you give will be the good ones and course folks is goes in hand with working with a certified mortgage planner. If you're -- certified mortgage planning even if you're not taking a large loan effect even if you're thinking of paying cash room. Talked to a certified mortgage planner to get all the facts they may have some great financial advice were you before he pulled the trigger. The voice of Jonathan portrayed by mark McDougal. I can't stress enough how important it is to get home inspection whether you're getting a fixer upper or something brand new -- almost like -- cover any costs of a problem that pops up. If your putting an offer and make it subject to a home inspection. So that that way nobody else is going to swoop in and take the property out from under you. And it gives you enough time to make sure the house is actually a good investment folks it's gonna cost -- 200 to 400 bucks. Don't skip this step not -- and number in the next number. Or item should take Korea -- get to know Joost utters a little these kind of things that it. -- nerves -- yeah. I'm intimidating you don't kick in changing the voice of drew. It's in the neighborhood before buying that's really important folks nothing compares actually walking the neighborhood prior to buying. In a community so pounding the payment to be clear images to how noisy is the density of traffic what you're neighbors are like. Gave -- locals and even that insiders -- as to whether or not this of the Kenny -- you'll want to read your streaming and 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 I would recommend touring at least ten homes before you can offer on one. The first he has Mason. Mean that really have what you need when you walked her home have a checklist in hand right -- the pros right on the cons -- -- -- house from 110 at the end of a long list of house hunting or long how stunning day. All -- are going to blend together and it's a checklist is going to be to saving grace it would -- youth into your dream you know. And put safety first when remodeling a home we make it look like a lot of fun on TV but things can go CAC wrong if you just blast through a wall -- wild ambition. Folks we'll be back in just if you like join his stay tuned day. All right we're -- lines. Okay before the break we were sharing some home buying and selling tips from the property Brothers the the last one on the from my true -- -- drew. Jury says simple staging tactics go a long way toward making a quick sales this is flip it the other way for the home seller apparently to -- personalized get a personalized. -- came with photos artifacts the clutter. Clean off the Carrot Top packed -- -- nick snacks that's connect connects the pieces connect it connects Disney anyway as a final touch make your house spar. And -- washed the windows and clean away the old cap cobwebs simple steps making huge difference and can lead to the sold sign on your house. -- -- thanks to our friends HGTV and thanks to Jonathan and drew Scott to keep up the good work guys you guys are rather quickly become -- rock stars of HDTV. Yeah okay Craig. With the music but he should someone stay personnel who are actually there's a day -- you go Veronica and Tulsa Oklahoma. My home is worth a 15720000. According to my neighbors I of 127000. Tirade is five point 625. And I pay PMI at 83 dollars -- month. I have no plans to move and I have pretty good credit I've looked into refinancing before but the fees were pretty high state or go with a -- Veronica go. Go and goes tomorrow -- -- you need to refinance you know what those fees were probably too high on the elect him because -- probably gagging on -- guess what Gillick the refi. -- the hunt around for Linder who will not over charging fees or flat out do zero cost loan you should still be able to substantially reduced rate a year loan amount with your equity position. And although he may not have 20% equity you should be leaving it to PMI Bono with what's called lender paid mortgage interest with a lender. Pays a mortgage insurance contract on your behalf to rate might be slightly higher in order to do that it'll save you more money. In your net payment that's -- looking for a -- long term analysis what's gonna save the most money over the expected life of that mortgage itself you lived there for twenty more years that the chances of you having a mortgage for forty years slim to none. The problem mortgage for five to seven years. So check out the man you at all do the math formula and make a Smart decision to take advantage of these lower rates. Right now Craig would you real quickly kind of recap for our listeners about how -- no cost free fireworks is that you is that magic is it just goes. Yeah you're a nice guy you may build offer -- something that someone else doesn't how does not so much its ownership that's it so I think -- -- -- -- -- now. The bottom line is when you have when your. Paying the fees associated with the -- cost to get a -- put together. The lender if you're gonna -- that cost could potentially offer you lower interest rates because you're absorbing all the expense either by financing and loans. Or paying out of pocket. If you want the lender to absorb those costs they've got to make that up somewhere so by charging a slightly higher rate. They'll earn a slightly higher yields higher yield spread premium which will basically just be passed on do you even back in the form of a credit to cover the cost. This is just Smart for you as a borrower and it's also Smart for lender who can be offering you a win win situation. It's just math so it's not catch there's no gimmick to it is no oh the lender wants treasury hiring they're trying to talk mean -- narrator Nina baloney. Nine out of ten times I'll tell you nine out of ten times a zero cost no fee type loan -- not growing anything in the -- They're not paying its agreement he -- a pocket. And even if you're paying a quarter or three -- percent higher rate than you could get by paying much of fees are paid to point the better deal as the zero cost. Worked very low cost -- so. It comes back what I since the beginning of the hour we are talking about the -- break -- formula on the website go to like the journal dot com do the math for yourself math is simple. And remember mortgages have a shelf left about three years most people keep blowing around three years how I ended at five to six. So your second -- have a mortgage for 111213 years if you are looking at the breakeven formula. In one loan is the better deal for the next teen years over the other that's the way to go probably folks just think about that hey if you got a serious question. You're looking at a transaction yourself you're wherever you are in the United States of America. Now 18027064258027. Your 6420 -- and ask for me you -- here wanna get a question over to Craig. They'll email me how I can call you back and talked to over the phone. I'll tell you whether the transaction is looking at the best deal for you are not a whether you can do better don't -- a -- take advantage of it I'll be happy to help. What's next mark RX crank -- aloud remembering your. Selling your house or if you're a homeowner there's a couple tax advantages the one is the interest on their home that's associated with the the initial acquisition or with the home improvements or up 200000 dollars of equity that you may have cashed out some clarification there is deductible. I'm so it obviously you know that you're providing that to your a count each and every year you're taking advantage deductibility of interest which means the true cost of ownership. Is Alaska -- pay less in taxes. Understand that number your mortgage planner should walk you through that if you qualify for a loan and explain. How that truly factors into your affordability. Of that home secondly is that the selling your house on -- it's been now twenty years almost since the changes. -- B may seventh 1997. That it changed in that homeless it used to be that you'd be over the age 55. And -- you -- could so if you soldier how's. You had to use those proceeds to buy sorry. It used to be if you sold your house yet Jesus proxies to buy another house or if you're over age 55 at a certain amount of money that exempt from taxes. Who cares about what that is does this change from -- twenty years. Bottom line is if you are -- single and you -- sell your house economic gain of up to 250 now's not a to gain -- not just a sales if you about a for a hundred grand and you sold for 315 you put no additional monies into it. None of that 250 extra or that -- fifty total would be tax -- feud nothing on the house if you had a hundred grand real fifty grand -- zero on the house. You're gonna have no taxes if you sold it for that that profit of at 350. If he sold it for more than 350 you just pay taxes on the difference long term. Taxes on debt capital gains on the so folks make sure you understand if you're married it's up to 500000. Dollars that you can pay taxes on. There's some other provisions need to understand if you're relocating inside of two years and that and you've got up. Live and how's your primary residence to a five years and things like that. That's why you work with a mortgage planner -- need more help on it. Give us a call 802706145. Others that. Hang out the next segment will be back.

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