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KMBZ>Audio & Video on Demand>>Life As You Own It 8.10.14 Segment 2

Life As You Own It 8.10.14 Segment 2

Aug 10, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

-- okay. It's. Yeah. Already quarterback's wife noticed today it's whenever were were. Pod casting the show video podcasting it's a new you know where you were really high tech gear -- -- right in the camera which is an iPad mini. And now we're we're working on making eye contact with you listeners that are listening to watching and listening on the video podcasts but I noticed. Craig is a little bit closer to the cameras and I -- it makes his arms look bigger than it is. I wanna make sure everyone knows that is totally agreed with an optical illusion as a businessman much closer to the camera and I am not. I'm farther back -- also he's -- -- tricky pressure hand up behind device at -- constantly -- you earlier at least that there are that's right OK okay so we encourage you. Check out checkout the podcast a video podcasters. Some we don't edit everything like we do on radios so we know you'll see a little bit of what goes on and you'll notice that out Craig is constantly. Afraid of making it could -- this. But did you ski lesson and that made me unless -- a direct eye contact relief from Morton. Have to -- -- you melted. So we encourage as you can tell it like to have some fun we recommend that you -- You -- the show we falls on YouTube because we will do a bonus clips to the shell. We take some of our our pieces -- some advice when they do we should he stay or should -- -- scenario. We -- we send it out to it you can get if you falls on YouTube tube if it's your -- you can also anxious to -- -- -- can also go to the website life is you -- dot com and we get all the archives shows all the information that you would need. -- Craig so we were talking about him payment options do we we're fans of -- 20% down its very. Efficient way future best rate you have no mortgage insurance. On but moving up from there you can go options that would would be out last campaign might be 15% down and doing a -- -- he lock for the 5% difference or lender paid MI you wanna talk a little bit about those and then move on up to the 100% programs -- a slight correction -- mean you won't. Always give your best interest rates were 20% down believe it or not on certain loan programs if you put 10% down. You mortgage insurance sometimes the rate is slightly better because it's an insured loan sometimes you can pick up an 8% is slightly lower rate. But I will say this. Paying monthly mortgage insurance is nobody's favorite thing to do it almost everyone has some type of aversion -- that regardless of potential. Current and future tax deductibility of the the mortgage insurance so. Well we always suggested -- -- -- change of lender paid mortgage insurance that's where the -- purchases say. Flat fee onetime paid contract to ensure that mortgage to meet the governor requirements. But it's paid for by the lender out of their own profit margin rather -- they have on the interest rates. So that you know have to pay that monthly mortgage insurance if you're someone who's very savvy with your money. And you have a strategic plan. Putting down 5% or 10% and then taking major lender paid mortgage insurance would potentially be a better strategy -- -- -- 20% down. All depends on -- generator turn you expect you don't have money. But we believe in -- a balanced portfolio a well diversified portfolio of your investments in when you invest in real statement putting money down that's what you're doing. You don't want overshoot it. So make sure it's balanced make sure makes sense. Look at true over a financial picture before you decide exactly what's right for you as far as down payment and speak with a certified mortgage players can look at your assets and the future. Situation helping decide what's what's gonna make -- -- all right. So as we mentioned there are numerous programs to include our. On their also was states and municipalities that have special programs that may give. Bonds may give us silent seconds -- -- -- -- slow down payment to. -- All right that music means it's time for the -- East issue do you goes scenario and Craig are you ready are you ready ready -- our rights. Rita in San Jose California I emailed Doug great show guys we need you on our local talk stations -- you do read up. Q I currently podcast as my sister is in Casey and she told me about your show when I was buying my first house. I now have -- I now own my home for six months and I think it's worth 450000 or more. I only paid 375 because it needed work and I fixed everything now I put 10% down and I PMI. In -- re fine used the value term of the PM I think for the help. Think you read for emailing is. And thank you for listening to the show. Our recent go but he didn't actually interest rates you have -- would suggest you go either to the lender you worked with previously. -- give a good relationship with -- -- it's excellent excellent job if you weren't completely impressed. Titled the work they did -- I would suggest shopping around talked a few different people. But yes she can refinance you -- the value after six months you've done some home improvement. -- copy of title requirements. So six months and beyond he can't take another look at that appraised value depending on the type of improvements you've done. And of course making sure that you've been in title alone so it's worth a shot to go back and take a look at CTV news. That equity that you have now to eliminate the mortgage news good stuff Craig. And -- you forgot to throw in there they can actually also reach out to you as I mentioned. It usually just on the front and now that I think about it could -- 802706425. Speak the legend himself. OK so on the how much money sweet talked about the -- we talked about. Down payment -- need okay. Also you have closing costs Craig what's arranged for closing costs and purchase transactions. Well this can vary widely depending on what part of the country and because some states have certain taxes and fees and transfer fees and so on that. Title fees vary is well depending on what you're in a state to require certain attorneys involved whether it's a state where you pay all the title fees -- the seller pays all the title fees there's a lot of variations but -- to give you big range. Is far is dollars wise you're gonna look at anywhere from 15100 dollars to maybe 5000 dollars or more. What can do is you know use a percentage. Of the the as a general estimate the percentage of purchase price you know -- a figure between two and 5% for your expense for closing so. That can add up quickly get a plan for that prepare for that or you can also negotiate with the seller. To pay those things on your behalf in most cases that's allowed -- most votes or another mortgage planning no concept would be I take a slightly higher interest rates and UA -- no cost purchase transaction we do a lot of that yeah that's an extra strategic thinking and remember if you do Craig's break -- formula you may find you come out ahead. In fact I'm certain you will come out ahead by doing the math. -- come out ahead by staying tuned also so while will be back in just a few minutes we're gonna share some more costs of buying that home and so much more likely join us to do. Our strengths of the cost of buying that home okay you get your down payments you've got your closing costs and guide now you've got. Hold insurance not just home insurance you also might have homes association. Homeowners association dues. And those can range anywhere from may be thirty to fifty bucks sum up a year on the low end up to thousands of dollars it depends on what your homes. Association offers in the form of amenities are also if you're in a Condo. Or town -- Condos those are going to be higher they can be sometimes they're 75 cents a square foot. That can be kind of pricey sometimes in some marks they may be even more so remember factor and it's a pretty big cost associated with your homeownership now. As we will in the next when we're gonna get to. On if you're a Condo you pay those but that does offset a lot of this a good chunk of the standard maintenance the you do it next year maintenance. On the on the you know landscaping all those kind of things that you would normally be paying for that's what those. Condom use -- for so make sure you know those costs. In union went out on their Craig not it says can I will say shop around you can shop around -- the way -- user oddities but. Shop around for the insurance make sure you've got. Not just the right. Coverage but it's at the right price you'd be amazed at how many people sometimes think they're -- a few bucks but they don't have adequate -- coverage and vice Versa sometimes they think they got a great deal with and -- shopped around with -- independent agent. And they era potentially paying more than they should buy hundreds if not thousands of dollars. All right so while Craig we talked about you've got now the lenders fees which we cannot -- into the closing costs but in some markets believe it or not. Those are handled like their mutually exclusive events we consider closing 'cause really everything it. It it takes to close the loan from a lender -- standpoint plus we come through and those Astros and prepaid we've covered those. But in many markets lenders peace can be anywhere from it might be an origination point in my idea of half of the original point might be one and a half points so it can be several thousand dollars when you're speaking your mortgage paying. Makes you understand what am -- paying for what am I getting in as we discussed previously what are my options -- have a lower under the is that makes more sense for me. That's right and there's going to be other fees it you know a lot of people don't pay attention to in the first it started -- and -- and -- people step back specially those putting a lower down payment down who were a stretch a little bit to get their home bought they'll say well -- do you need to you know home inspection -- on negative termite inspection or pest inspection her. Or raid on or whatever also. Depending on the type of inspection species the which by the way you spoke to a gentleman few days ago. Who chose to buy a home that in the inspection process what's refill as well chains -- save your jagged deal. He is hurt and -- cost him the moral sense of thousands of dollars to fix a bad foundation. You should have known about that any inspector would've found he would never about the unless you're getting unless you -- theory. Financially well established and are very savvy as it relates to the ability to to re model etc. cannot get 50% or more discount on home. Then. At home inspection absentees. -- love that music. All right Craig should you stay or should you go you know there's a funny thing I do. Every segment and it is CD if you watch the podcasts like this with a sheet that has them on their most of them can't find the game like to clear myself -- hide and -- I'm Teresa and Roland park Kansas called ask. That's what would you guys advise me to do based on my scenario. Iowa 176000. And my realtor said my house is worth about a 170000 tops. I bought the home for a 195000 in 2007 interest rate despite in seven -- that 23 years left I'd love to refinance to a fifteen year loan to build more equity. Please help. Help. Teresa Teresa and -- you know what I'm gonna help you need to go he -- refinance I don't know your credit situation isn't assumes adequate. In order refinancing can definitely lawyering save money how pray tell after all you did tell us that you owe more -- your house than it's worth. Usually it was taken danger harp refinance based upon what you're saying here and I don't know if you refinanced or not. You don't give us all the details the summit to make my assumption is she's got 23 years left and she did a thirty year you since you went out and reducing and you never -- -- introducing -- producers we -- -- east and deducted -- seduce -- with -- deduction. That ones are -- of the deal harp loan you should be able to qualify for a loan -- gives -- -- released to take you injury financing even though you may owe more on your home than it's worth. So it was eight. Reputable lender he also call me we'll discuss it 802706425. A look at everything to make sure it's right but make sure the person do you work with the familiar to programs and also is not going to. You know you get excited to save -- money now I'm so pumped. In -- of the bunch of extra fees watch those fees are right. And so this is a bit when folks is what's the cost of the maintenance that you're gonna need you upfront and what's gonna be ongoing maintenance you'll need to -- that's a cost of buying -- home renovations and repairs. He got any you have to do right when you move then. Consider it's got -- if it's got to be done to bring it up to snuff for you to -- and then it's a cost of purchasing that home. Is that going to be a thousand dollars 30050101000. You have to wire put out electrical -- for the washer dryer. What are you gonna have to do is -- going to be landscaping those things putting you have to do. But it to make this home -- home not just safe and clean and all those things but to meet the needs that are an investment you have to make. Bomb and then continue on and on their Craig then the last almost last contract all the little stuff that you don't think about until you step inside the house and go in minute. With him this answer. We should probably get a chair -- -- for that room over there or whatever washer -- patio set outdoor furniture you know another big one. Stance if you have pets in the dogging you -- thought about how much Debra Livingston -- -- -- under Greg is little underground and is little electrical -- -- shocker dogged desert temperatures again you are those things. Six of the land Steelers got leads mulch do whatever I mean all this little stuffed into pride in your home also and you don't want you know these little thing -- and -- -- -- the Carolina. You gotta pay attention this other -- The at a pay attention -- -- our folks -- -- we're gonna take a quick break here when we come back we're gonna talk a little bit more about. The album. The excessive optimism that I think some of us have subjected ourselves still. Craig shame on you for BR excessively on let's take I'm not gonna lie about it I have absolutely learn my lesson about this that I've been many times in my left excessively optimistic in. I'm -- anymore. And since may be pessimistic that question isn't what's caused you to contemplate while were taken a break is what's in your budget. Why -- Jonas.