When to borrow against your home

Steve & Ted
Monday, November 27th

Moneytracker Don Grant says your home will generally be your second biggest investment, its a good idea to be careful with loans.


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

The fuel. 48 the morning hosting the 987 and thirteen thirty came and asked us. Sure it will be talking with money records on grant right here in the studio now it's time for three big things very. Two bodies found in two locations in Wichita yesterday morning as police are investigating these cases it's news. Soccer volleyball team will get to host an NCAA regional this weekend for the first time ever Kansas and Missouri becoming that regional. Today is Cyber Monday as Americans will be spending. Billions of dollars online today three big things with Stephen Ted 987 and thirteen 38 in this. And so far this morning in traffic things looking up OK you out there in the woodsy area traffic conditions. Okay. And we've got death. Thousand heavier traffic starting to show up on the roadways now seems to be just kind of normal traffic for this Cyber Monday at cyber Monday night in tenth inning. Impact on. Traffic and it seemed like him they're really heavy traffic right now looking right now at I 135 right around 396 up by the north junction. These recent heavy traffic north and south down. Traffic update from K and it's a radio on cat capers. And as we take a look at the weather forecast here on this Monday. It looks like possibly more record breaking warm weather. Looking getting gusty wind out of the south today under sunny skies and a high of 73. Degrees. Partly cloudy and breezy tonight overnight low down to fifty sued. And in tomorrow. Cool front comes through might have a chance for rain not as warm as tomorrow with the wind is delivers high tomorrow of sixty. Currently in which it's only the breeze out of the south under clear skies and 48 degrees on way too high of 73. Wow. Patton and Jackson has a unique holiday gift ideas that can work for anyone that includes give gifts or did he gets. That's always make great gifts now open Sundays from one to 5 PM. Until Christmas hat man Jack sits at six so one less Douglas by the clock tower in delay know what a great place to hang out hat man Jack's. It is 650 was Steve intent on Kate and as tests. Here on a Monday morning thanks for being with this new poll shows it more than a third of Americans do not like to talk political. During the Thanksgiving dinner path. That I have my house only two out of ten people that took the poll are eager to discuss politics. Democrats slightly more likely than Republicans. To save their uneasy talking politics women more likely than men say they dread those type of discussions over a holiday meal. Job. So there you go I believe it my Thanksgiving dinner politics was discussed exactly zero time zero. Yeah we gathered on grant money tracker what does dom we got in ill health care discussion okay. That I don't think that I don't know that league does it count as politics. Yet if I ask you. Well just that though there's nothing being done about it you know deli counters that and then we have I think we've talked a little bit about a few idiots. Whoever. Our elected officials I feel ancillary political. Drive and other topics yeah exactly at night in my dad again conversations and make it came out you know well excuse me excuse that we did have a big discussion on sexual harassment and on on what's appropriate what's not appropriate I mean this it's not appropriate that. Because I've got two daughters yeah you know and and life and we just it wasn't like him argued it would argument it was more of a discussion is not yet he's. And it wasn't heated during thing you'll see that's and that's what you get there that's good did it did Stanley discussion time it was actually about it and it's it's helping I mean my daughter's going off Washington DC to be an intern. So you can have half and yet though the warnings I'm giving her itself. I was gonna say actually. There was some. You might be able to call it politics discussed my family table but. Local as in small town local as in not. Even statewide or even city of Wichita do this or I was really small town politics. So that was kind to discuss their supposed. And that's kind of mr. discussion not an argument. Yeah more or less into again and enough that even qualify as it looks really small. It is 652 always Stevenson in the morning you're listening to 97 and thirteen thirty KMS as women to borrow against your home. It's time for the money tracker Don grants CFP dawn. That's not a political question I don't think. In other three major expenses that will loom over the heads of most American workers for much of their working lives. Funding for a secure retirement you're buying a home and funding college education for offspring you better get working on Ted. And now it's now because it's no fun. Generally the biggest investment will be in retirement your home or university cost will be second depending upon where you live in how many kids are gonna have gone to school. Once you have equity and house should you ever happened that equity to pay for other things. Well borrowing against your home puts that helmet risk of potential foreclosure. So you'll need to carefully plan a well thought out strategy. Lenders are much more picky about to whom they lend money now we saw that happen when they work. Picky and we saw that the economy blow up when that happened in the real estate market crashed taking on that the you know the rest of the economy with it in 2008. Adding more scrutiny into obscurity to a good thing. Now if you think that you need a loan to get your home ask yourself a question. In my borrowing for an appreciating. Or depreciating asset this means is whatever your barring positioned to grow in value. Bart got barring to grow a business invested a solid investment that is expected to grow. Or more real estate is investing in was generally considered to be appreciating assets. Pay for a vacation in new boat or past due consumer debt is not doing it right. If it is good debt to deal refinance with a cash out or you just attach a secondary loan like a home equity loan or home equity line of credit called he locked. Refinancing will permanently raise your payment and add to the news of the new debt to the term along the interest rate for payback can be senator fixed rate. A home equity loan will have a fixed rate too but it's completely separating game be paid off faster. Then. Traditional loan a primary loan. I he'll walk allows it allows. For our credit limit but it also. Allows you to borrow when you need it and pay it off when you can't too it is separate. If you choose to borrow against your home please work with a certified financial planner and a competent lender. Who can explain the pros and cons of each type of loan as it fits with your particular situation and of course. If you have any questions you give me a call the number 634. 2222. Now must I must. Ask the did you somewhere in their say that I'm not supposed to buy a boat. IA yes I did it was that I know that's that's sort of what what's the word it is sort of a known known. Yet how. But you know they're fond hope. When a work in and well yeah I guess in others the maintenance we don't we never think of the main way what is the rule out and buying about the year or the or the comments like that as they're alive is the by admitted. Segments is very regularly sell it. Well you know what path friends with boats a a Nazi era in ways and I've already got all the gear I've got a little skipper had. Now okay I'm ready I've got all the gear all she's got an issue is and everything. OK we got your water ski. If it's a just. To show up at the dock and say hey who hesitate Rihanna Bauer a squirrel can water ski why can why can't tell you putt that's my ass that's island question it on and thanks for dropping by my pleasure like you glad to Thanksgiving. Boy did Thanksgiving weekend he had airline if I have movement got a lot than random house but it was nice. And back out of here for the final few days November thank you Don aren't they cute that is Don grants are money tracker CFP Eli with a us in the studio right here with Steve instead. I'm Kate and as as. Wichita police investigating after two bodies found in different locations yesterday morning. Those details next on KN SS.