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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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  1. Life As You Own It10.24.14 Segment 2


    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
  2. Life As You Own It10.24.14 Segment 1


    Fri, 24 Oct 2014


    john mark found at 10:16

    its keep on keep it on him. All right we're back live John Mark McDougal that I joined by Rosa vote you're filling in for Craig Miller we thank you for hanging out with a as
  3. Life As You Own It10.24.14 Segment 3


    Fri, 24 Oct 2014


    tax efficient found at 4:23

    have more complexity but you have more opportunity. To put things any tax efficient fashion into you were the state. And to you know that's all we want avoid tax man pass on the warriors take
  4. Life As You Own It 10.17.14 Segment 2


    Thu, 23 Oct 2014


    investment properties found at 12:36, 13:08

    hearts go South Carolina called the hotline to ask I purchase cheap investment properties in the last year and a and a total of five properties now. Including my house I live. I had mortgages on
    it to work at a higher rate of return and what does investment properties are yielding. And ideally they were cash flowing before you got this inheritance if not need to sell it anyway. And if they were your major money there. Get this inheritance to work for you at a higher rate of return then now what's writing off that expense for those investment properties is costing him so. You need to go you need to stay stay stay stay invest that money work with the financial

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.

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