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KMBZ>Audio & Video on Demand>>Life As You Own It 8.20.14 Segment 3

Life As You Own It 8.20.14 Segment 3

Aug 21, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

All right down the last segment folks got information cover and we begin with they should stay or should you -- scenario before the break -- Nancy -- -- -- Missouri. Call the toll free hotline to ask. What's the best way to handle PMI Craig guy she's got 5% put down that Tom and just being mortgage insurance got -- to one way or the other right. So yes you get -- option taken a monthly pay in the monthly emails there's a monthly fee tacked onto the -- each -- to pay for the mortgage insurance. Or she says she gets paid upfront the lender tells her for 3200 dollar upfront fee. Or she can take a rate that's a quarter percent higher and let the lender -- for him -- she does not do the math shows no what's the best deal. I can just tell your right now from experience even as hundreds and hundreds if not thousands of times Nancy. The go peace is to go with the lender paid mortgage insurance and a slightly higher interest rates. Dollar for dollar that's gonna say be the most money over the likely period that you have the mortgage you are correct when you make the the point that. Over the life of the -- having a quarter point higher rate could. Cost you more money. But you would have to have this loan for a long time for that to become true. That up for a 3200 dollars -- -- point. That's gonna take many many many many years to re cute same thing with the taken at thirteen at 3200 dollars up -- period vs the quarter point higher rate with the lender didn't make sure clarify that. It's gonna take a long time before that's going to be a better deal what we see most of the time is the break even period is between eleven and sixteen years depending on the size of the -- in the type the PMI. Most people that's saying you won't ever but the chance -- the probability you have to look at probability folks W having a mortgage with a hearing in the same house enough for eleven or more years is slim slim chance and her body -- rates or blow it away at an average ten -- in the second happened either so -- can you can hang your hat on my prediction come beat you over the head if I'm wrong. Just watch the cycles folks year from now two years now authors now five -- -- rate to go up rates go back down you'll refinance for various reasons go with the lender paid mortgage interest paid a slightly higher interest rates the payment will be the lowest at that option. And over the next decade or more you'll save the most net money in your pocket good stuff Greg remember folks if you got a scenario 802706425. -- We may take your scenario on air. Okay it's -- summer's almost over Craig did you over indulge in your vacation ideas oh you did not so you're gonna start planning you gonna start planning your next trip right. Yes you need your Iranian authorities are budging -- Don't they don't fall. They'll -- -- Him to the east traps number one is you think you should take a big long vacation because well he worked so hard. And we agree you should because she works hard but it is it is it necessarily because you work hard. And earn a good living does that mean you need to then spend all that money vacationing not necessarily. So make sure that you budgets and that just because you work hard. Doesn't mean you have to or are obligated to attempt to enjoy taking time all -- he -- to take time off take time off you know afford it. But don't feel that is just departed the American ritual -- you work hard and you take a week off I've had so many people go yeah I didn't enjoy it -- I just don't like clean around the pool. Not so well. And they had less fun spending money and we're stressed about it so. Okay see your your friends take a really nice vacation does not want. And so you think while gosh we got to be able to have some talk about they want to Puerto Rico for a week so we need to go to Puerto -- for a week lord Disney experiences keeping up with the joneses the Smiths the millers. You think more expensive vacation means more fun that's another big one that can cost you a lot of folks you think oh well this is this elaborate. Vacation guess what those elaborate expensive vacations come with some complications sometimes including getting there how long it takes to get there in the type the stuff he can do -- there's pay attention which is spinning out of occasionally playing them and think about what you're gonna do with some friends -- you're on vacation and you're like okay I'm on vacation must just be -- -- so -- -- by the fourteen dollar collector but Disney World Cup that we're gonna go to -- for nine dollars. Three times -- here for the last day. Com or we're gonna buy this for glow in the dark strobe -- thing gets 27 dollars that we never buy back home before in the toy store for four dollars be broken but it's time to get on the airplane that's -- and the and the last one is. I'll -- you think you can buy a better memories folks the best memories are of those times spent with family and loved ones. Doing the simple things -- -- your campaign whether you're just out on the road trip what did you spend some quality time with them. Those of the memories that money can't buy -- you know what money can't file self. Is a life as you won't show you can check out the podcast all the other information by going to life as you -- -- dot com. Thanks for checking -- out have a great weekend and remember to stay classy.