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KMBZ>Audio & Video on Demand>>Life As You Own It 8.27.14 Segment 3

Life As You Own It 8.27.14 Segment 3

Aug 27, 2014|

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  1. Life As You Own It 10.30.14 Segment 1

    Audio

    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

    Audio

    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 we're back let's go to organized focused because this is. This is the last segment grade is DO EJ so well even -- -- out -- if you watch the podcasts today I apologize up. Why vibe the multitasking as Craig usually doesn't try to make up so which means I got my laptop in my lap. And I'm doing some things here a while I'm also trying to give the best of my attention net to our deserving audience which I I I honestly I was nice though you can process tell appreciated and -- -- -- was yeah. -- in little willow watched this the rhetoric -- up a little next time but otherwise it was fine yeah well I imagine doing. All right folks so what I guess Juli -- checking out the show we hope you've enjoyed it's we got a little bit more information before we. Before we break for the week but we encourage you check -- out next weekend -- share the gift of life you wanna with your friends and family and that we once you world we want your feedback we wanna be -- a resource three wanna help you with your. Situation -- -- scenario is Craig sagging calls an 802706. Some 46425. Reading email us questions app like these you won't it. Dot com or just. Type in life is you own it. And you'll end up looking into our bright and smiling faces most likely are right some mortgage terms that we're gonna define Korea. Number one Crandall what is -- the good fat. If they have a GMBH -- If they tested it folks it's a required document that it lender -- provide you if the if you give -- a certain amount of information we won't go and all the details but there's certain things if you provide namely address and social period number and well I cast at the -- need to workable quote there have to provide you this could face tests that tell you what they can do for you within a certain number of days three days -- one. A month a sign that state. Exactly had one is a settlement statement that's the required docket for closing on a teaser -- stay with the pay cash financing go to title company they're gonna one statement. All right DT I. Debt to income ratio super big -- for qualifying folks this is the amount of debt you have. Factored into your income so what's the ratio of your debt to income an exit is set requirement that you be within certain limits or you can get -- -- exactly and folks I wanna make sure you understand. Doesn't matter what the qualifying DTI is. What matters is that you can afford it that payment after you consider all you need to move your life forward. And -- savings. And health and retirement account enough cushion all those things so don't get hung up on a percentage. Get hung up on how it factors in your financial plan. LTV. Loan to value says is another ratio the ratio of what -- barring vs the value of what you're borrowing against. So your homes or -- your barring X there's a percentage there there's limitations on those as well. CEO TV and that's combined loan to value sometimes you're gonna first and a second mortgage or maybe even a third. So if there's any other financing secondary the primary mortgage that's factored in on top -- what you on the first mortgage to come come up with a combined -- funds like quiz and do you really good Craig thanks Marty have done this so plus -- you know when I put 10% down often your -- lenders say -- that's -- 90% LTV loan to value. I'm not okay let's see some others that might be interesting on PM I. Or IP they are similar they're different they're different yet private mortgage insurance is a mortgage insurance that's paid by the borrower or. Potentially delay and there's different types of -- mortgage insurance but. This is a typically on a conventional loan provided through -- private insurance ended the and then mortgage insurance premium is the more proper term for government sponsored mortgage insurance premiums. -- -- -- He -- home equity line of credit people were released from there the several years ago everybody had he -- now not so much but they're out they're still. How much they like credit is a second -- yearly and -- your home although can be firstly it works like a credit card except to secure with your home. Arm adjustable rate mortgage debts -- mortgage it's gonna have a fixed period and an adjustment period usually those are sixty were from three years five or seven years up to ten years. And and can adjust almost always amortized on a thirty year term. Index. In index is -- used -- calculating the the rate on adjustable rate mortgage so there's an index plus a margin. The index is usually -- but that's -- London Interbank offered rate -- -- terminology but there's other indexes as well and indices should say is well. All right folks so why these are just some of the basic terminology some and acronyms we picked on here we we selected here. Bottom line is you got to work with someone you trust is gonna take to educate Johnny's. But it never hurts to be a savvy sophisticated -- consumer yourself -- -- yourself. Thanks for hanging out with -- as it's been another installment of why did you on November 2 OS but it photos.

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