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KMBZ>Audio & Video on Demand>>Life As You Own It 8.27.14 Segment 1

Life As You Own It 8.27.14 Segment 1

Aug 27, 2014|

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Automatically Generated Transcript (may not be 100% accurate)

Lives as you own with mark McDougal and Craig Miller. Remember you've got questions we've got answers you may not take time to educate yourself up single worst investment and opportunity you have. That investment in the roof of your head in real estate we talk about your home financing make investments real estate we keep that in fact -- you know it's just good old fashion. -- All right we're here it's the weekend we hope you're enjoying a lovely weekend because it is. Where to go ahead -- danger weekend by day we're giving you 33% more weekend. -- -- -- -- -- Hopefully you are I don't view will not get to some of you will have to work and we appreciate you doing it doing during would -- you may be doing may be your nurse maybe era. You're not a teacher and work out somewhere or they had you're not brag -- on March night and is a lot by you either that stressful week we hope we had a fantastic weekend we appreciate you check out show what his life as you own it's. And we've got to a great show in store for you if your first time listener welcome aboard if your regular well we hope that you were. Check us out not only each and every weekend on the local radio station you're listening to now or on the yes satellite Fiji maybe picking us up from I heart radio. ITunes or pod casting the show whether it's the video podcast or just taking the the doses tone style killings of Craig and mark on the road with you while you're jogging or working count. But we appreciate you want to remind you you can reach out it was at 800 2706425. That. That's the best number breaches you can call 24/7 -- answer it. 7247. Days a month seven days that are 24 just -- we will there's still a -- to try to take your message in the wind project. You can email us two questions -- -- issue on the dot -- questions like -- you -- -- dot com we wanna hear from you we may take your scenario and share it with your fellow listeners. And it may in reach the airlines or just make them more sophisticated. Consumer -- just ease the pain that they're feeling. Of their financial situation Craig -- -- nobody did -- do. It did and I'm looking for to have that extra day Easter -- -- going to be nice today it is to the thought of all around extra d.s are a couple more you good crazy alien you -- you got some new wheels right. Let's talk about your new videos these now perhaps a little jab and I absolutely cannot -- the dispute is saving gas and being frugal and in taken some of the advice we give the the listeners I I I'll talk about some other time and ended. -- -- -- -- -- -- -- I did that they have is in one of the cheap one of those like a roller. Board roller blades and wins the gap catch the bank holding skiers things in this folder that carry a briefcase and Atlanta pocket. Write it off into the sunset all right well say you're just starting your career you're young the world is your oyster. Next step home ownership right. Not so fast young millennial. So you we got some reasons why we think millennial suggest hold the phone just hold the phone -- holds the -- would you be holed the front of my house. -- you can no longer be able to pay it and she -- the -- and shoots a hole it all on -- -- agreement will hold on nearly. -- also champagne dreams in caviar wishes can you do do that -- unleash yet needed to do it right Obama wrote a -- share her thoughts suddenly I was good at the -- -- ran out there which is something like that not so fast we get the money saving secrets of the rich. And for frugal frugal seat just like the rich can personalize your mobile restaurant and buying your next car Craig's got you covered. Seven do is one doubt to get you the best deal. You ready for that -- lumber eighty people -- Hindus -- don't they're gonna about this weekend the long week in and they're gonna be like hey. Car dealerships have in the big Labor -- -- -- -- -- -- -- timely advice here. Also medical bills making you sick to your stomach. Be careful or they might infect your credit score will tell you how to prevent this all too common illness that -- exit mini -- causes. -- -- -- may oh GTG. At our okay and how etc. pence I'm not we're breaking down mortgage terms like the mortgage -- we are used to will be in the know if you stay tuned for this segment folks. And we've also got what's the staple of the show it's we know we -- a nice lead but another big one is the only vision. Williams should he stay -- should you yeah. It's Tuesday at tonight's out in there and a yeah talked about these we're like sinking here you know but I we also have the staple of where rates that anywhere that. Boring he says it has tribute to also success rates -- Nice and low interest rates are good -- interest rates go up could mortgage rates. -- going even law there watching interest rates very carefully -- -- is human need to. Now here in this week's rates with create new. There she had just friends yeah why is nobody takes it took for me to get that voice distract. Not that many oh my gosh between -- was on the phone all the time only after you kick me in the mix that midsection mid section in the -- can't -- and they thought I expect if we make good about it right there -- kick in the bogeys are OK so let's talk about race -- -- since her thick air. And -- into what is out there just is not good math okay so here we get. Folks national average based on a 2000 dollar loan amount. 40% or equity perfect credit. This is not the exact -- you individual people. We'll always be quoted if you called him mortgage companies is a general -- and we like to bring you every week this is the coast to coast national average that we saw over the past week. It would compare that with the week prior which we've already reports -- of course last week. We would use this as a general guideline. We what you pay close attention to a couple things. What is the teasing costs we talk when every week you've got to pay attention to fees and costs because guess what. A low interest rate quotas only as good as how well you've done the math the -- the right thing -- do many people jump on a lower -- lower payment. Or maybe taking cash out to payoffs and debt in all that makes total sense because they've got a low pressure. And that pressure release valve is what our gonna pay out these credit cards -- when our payments going down let's just pulled the trigger not so fast slowdown due to math go to -- visual dot com. Read the breakeven formula. We've put that together for you for reasons you can simply at your own kitchen table in a calculator or even a piece of paper and pencil. Can do this -- for yourself you need to do this math. You can find yourself regretting the decision you made or knowing confidently that you put your head on the pillow at night that you meet the right decision to save the most money. When doing -- refinance same thing with a purchase folks. Compare the fees and points and maybe a lower rate to no fees no points. Slightly higher rate which was gonna say the most money. The longer you gonna stay in the home perhaps a -- -- pays off but she just don't know how long you're gonna keep them mortgage in the short run though -- a bunch of fees for -- will not pay -- we want you to do the math based on the facts you shorten long term plans. With that said here are the national averages. Thirty year fixed rate over the last week average four point 23 compare that to the four point 26 we reported to you last week. But the same pretty flat fifteen year fixed 3.2 three vs 3.2 one a slight increase in the short term fifteen years there. And again pretty flat from the week before. Five year arm -- fixed for five years and then goes new adjustment period that's an amortized that's a thirty year amortized loan with a adjustable rate feature extra five years. Five our five year arm 3.4 five vs 3.5 six. The search CR rates trickle up there. You know it started level back off and come down slightly so. -- -- close attention because those fluctuate seemingly more than fixed -- do you based on the fact that they're tied to a short term index. Thirty year FHA fixed rate thirty year three point 68 vs three point 69 again virtually completely flat. We've been reporting for week after week after week that rate to remain within a very tight trading range within a quarter point firm early months which -- weeks. So folks right now though we are at levels where we feel we should take advantage of the rate. If you're in the short term transaction close on the house next 304560 days should be locking. If you think you might be further out the net and you're looking at maybe building a home or you've got a home it's in the process being built in May be able to pay it may pay off -- -- doubts on. There's no way to predict the future. For right now rates again have remained stable and they are low levels. Do your math make sure makes sense in it -- it. -- -- I am indeed. Nice to call reasons why -- hills should wait. To buy a home. So you're young you're just you're just starting your career in bill what does you've been told there were what are your friends doing their own ways to its -- and I don't. Home okay well we got five reasons you need to. Hold the phone number one that you're young and keep your options open now flexibility. Is a good thing and a not just at the yoga studio for Cragg puts in life in general. I'm so while folks not home ownership it may provide stability but if you're on your first job if you're young -- not yet married -- started a family. Keeping your option open options open only happens if you are renting not owning. OK so we've got four others that we're going to share with you what they even have to wait. Just a few moments because they're gonna come back after them. This break of life if you -- -- stay tuned death. All right good we are back like that you onus. Before the break we just got his start to warm up on it we just got started with the five reasons why millennial should potentially will be waiting. Combine that first home market recap that firstly just real quick in. It's -- got to keep your options are open now flexible is a good thing it don't jump right into the responsibility that is. A significant one and a significant expense. Number two Craig what is it -- And you know you're likely to be starting -- Stanley -- potentially if you got that on the radar you need to slow down a little bit because of the home that you might jump into today -- fit that faintly in the short run all right like we said you know you're gonna be starting a family or relocating for work or or or. Remember real estate is a long term investment -- if you're not going to be in the house for at least. Five years may be even seven years the chance of you coming out ahead or even breaking even financially. Is that slim and slim and slim not unlike Craig's waist line net. I don't know about -- unlike Craig's waistline the president not unlike Craig's wayside slim slim slim. The jets let me Cinnaminson it'll pass this time OK number four. Don't listen to what the realtor of the mortgage guy tells you you can't really afford it they can actually using his flawed flawed flawed if you -- off off -- -- -- club thought you might have some bad math yeah exactly and whenever. A mortgage calculator. It's PI TI. Principal interest interest taxes and insurance but it's not. Washer and dryer landscaping. Maintenance upkeep all the things associated with the home ownership. It is a law to catch unity tour. And we want to make sure that you understand the real cost before you jump into that significant is expensive when you do the math on it. You may find that it does not make sense she just did you qualify for alone at. Doesn't mean your life qualifies for you to have that expense it's funny when I meet with a client who is. Little more aged well seasoned and experienced in life. I get a kick out of it because when I meet with with those you know the baby boomer generation type. In -- town -- about debt ratios and what they qualify for a we're going through the whole process of their mortgage plan they'll say that's nuts they'll take on that much in bills. And it doesn't seem right and yet he'll talk to younger folks -- let's say you mean I can't qualify for that much payment I would think you'd be okay within and you. It's amazing to me now it's generational I guess there is 7000 dollar car loans and they just read my credit the exactly Obama so it's funny looks but again when you know when you've lived long enough and you paid enough bills and you've had left on for -- expenses pop up in just the general expenses and life like their -- reasons and knew what about the children of -- -- that must not calculate that in their. I'm like well they think they have so anyway folks that's a big and remember there are other expenses besides you'll some. We -- we got more of those reasons millennial should possibly hold the phone but this music this music is playing that is they should he stay or should you go introduction. -- -- we have -- use the man on the hot seat -- in Lansing Michigan emailed that I noticed second home at the lake. I know the rules and maybe the rates are different on vacation homes games. It's a regular three bedroom not to be confused with the irregular -- that for a moment that once belonged to my own goal. Winner here is funny 0173000. Dollars and I would say it's worth around 290000. I have a five and a half percent rate with 23 years to doubt. Should I refi Porsche and should I do a fifteen year or thirty year two questions creation refi should do fifteen or thirty that's what he's asking that's right. At first book though is the -- -- go just refinance here and you need to save some money you get a five A half percent rate -- second home. Or vacation home every one look at his second home is with classified as. Under most circumstances you could drop that rates considerably during a 3015. To twenty. Get -- -- three years left may be good -- would be a twenty year loan. Against sit down a look at mortgage plan it's not as simple as just taken a payment and talk no mortgage got real equity quote chip. Do you break even formula the future short term -- your long term goals having to do with this particular residents as well as your other finances. Make sure that you're saving enough investing for kids' college all the other things that we always preach about. Have all your I's dotted your -- crossed the free make the final decision on what mortgage plan is best for this particular say -- but in the meantime enjoy that -- -- enjoyed -- -- -- you're gonna save some money also laughed pretty much guaranteed. All right five reasons one you should wait to buy a home number one was Europe your young flexibility is good thing keep your options open number two. You know you're likely to be starting a family soon -- gonna buy the first house is it gonna be sufficient space for you. And the the litter of puppies that you bring into this world but also while being you know like we said we start -- family or you know relocating for work. Or I'm what you're going to be having some -- life changing events that may mean that that you're not gonna -- keep that house if it's not a long term investment for you play for you. And at five to seven years the chance of you getting hold of recouping the expense associated with homeownership is theory. Slam -- and at number four crank like we said don't necessarily listen to the real true or the mortgage person that says sure you qualify. -- because just qualifying doesn't mean that you can fit this in your overall financial plan what are the expenses associated with homer -- beyond the mortgage payment. They are extensive and there's one of the things that a lot of you may not consider is that. Because they didn't include the deferred student loan debt that you have. One day you'll have to repay yet so just this you're not calculating it now that along with the other expenses. Means we recommend you save for a down payment you don't get a three and a half percent bone. FHA loan. If you are not able to factor all these other things in and look at yourself in the mirror and say. Hey this is a prudent and safe investment when I consider. All the other variables and the last it's another that we we we've right in here. If your if it's -- is your first job most likely your first full time job in your career. What are the changes you're gonna beat their long term let's let's let's get the hang of what this career thing looks like. Let's let's work a little bit the sloppy work a little while make sure it's the job wanna stay on the location we're going to be in it. It's setter you're gonna be their long term because like we said a number four. Home ownership or from the third one homeownership is a long term investment if you don't really get hold on it. So keep those option open colonials. We think real estate is a great long term investment as long as it is part of a substantial. Man but if you have put together a plan and listen who are five reasons why you shouldn't pie. Craig ink you cover that well that we -- there's there's -- any kind of changing events that happened at a young age you may be upwardly mobile that new career and then you're gonna end up saying no we bought the house but now regretted I -- about a bigger house. Many different variables the biggest thing is folks is is -- fifteen years ago. It's not like you can quote unquote make it short term mistake on real estate and recover well. Fifteen years ago you could buy a house -- six months later in the right house for you probably get all your money back it is in that way anymore you've got to think. Ahead you gonna plan this out just like any other investment in the were encouraged you do so before pull that trigger going forward are marked what's next on the list OK right now pain of being a prudence investor -- making this big life decisions that revolve around. Major financial matters like purchasing home etc. we've got to. Some of the some of the ways that the rich and frugal live and these these -- -- things he probably wouldn't assume Obama but to they're. The -- just assumed they may live there may be think they live high on the Hoggan. And they're just live in the big life but to your typical. Average on the millionaire here are some things that they have in common is they don't buy things on impulse. They may buy impulse because that's of relief fresh body sprayed that I think is still available right roses simple still available you don't know -- Mikey he did actually what he would talk about the perfectly where they actually -- -- -- it -- -- -- it there. You do to you where it still but also some are some of our listeners I'm sure know what impulses Reza you know it is right. It's like acts for men. You remember -- allocated non here tonight anyway I -- I'm dating myself that's I'm just of I'm a product of the what early 2000 someone you. I'm not also at the wealthy love bargains. They don't he'd be amazed at how many people that they have. Have a true wealth and and and real well they're not paying full price for things their shop and at the outlet store also. They are are looking to save money also they buy quality products. Those that wealthy it's not a matter of getting the cheapest we're getting the flashes are the most expensive for an example could be a sports car that maybe has a unique brand to will call it miles a rowdy. They may choose to buy a Mercedes over -- -- like that that's that's quality over if stop right there. -- flashy -- some squat style and Mercedes also went and finally the wealthy are averse to debt. Don't like it don't want it scares them. They only spend what they have these are some of the four core for core tenets of what wealthy people think like in depth. We come back -- -- show you how to become even more wealthy. Just stay -- my jewelry.