Todd Pietzsch BECU 07-12-17

Wednesday, July 12th

Caller David wants to know what interest rate he could get on a new $400,000 house. Caller Ian wants to know if he should get a personal or auto loan to buy a car. Caller Chris has a trust fund and wants to know if he should invest. Caller Kelly talks about credit when buying a car. A texter wants to know if they should get a Home Equity Loan. Caller John wants to know the consequences of bankruptcy.


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

You resistant KI ESW financial advisor here to. Todd I invented numbers so I know how this stuff word speech. Okay. This power or expand. 206421. Rockport Texas it's. Lots of positions he's held both consumer and business lending. He is a fine member and owner of the ECU dot org of course said the ECU great credit union. And you do not have to just be a Boeing member Alley and goes is live work or attend school and in Washington State and you're. It's like. Here in BJ. I'm a member. But remember awhile now yeah I feel pretty good about it if it up and fight anybody when I gonna fire some resolves an owner. I feel like I feel like I'm doing my job and I you know I'm not much causing chaos though he put me on notice the couple couple times I said let it die Basra the but it. Captain now. So if you have any questions for Todd teach anything at all you know just answering it 206421. Rock. Let's go to David in yelled David you are on the Iraq. It daughter I don't I did David. Which yet for a son David. So you are fortunate that our perimeters don't live at the puck out marketers are. And I don't underneath 45000 non white liquor. Horse property. And that I could possibly vote for about 300000 there were a little bit more. And I'm looking Alice does between three and half the ordered thousands. What I'm certain that there is what kind of interest great divide our 400000 dollar house. And put a hundred K down. What an interest rate would not be able yet and what how to aim it let it was beat. But I knew that I mean interest rates are still really low David as you prop as you probably know there probably are looking at about 39. 4% if you look at a thirty year conventional 25% down you have good credit I am assuming. Oh but white fur. Around 656 bit. OK so that's a little that's a little low what's. Yeah a little low it like to get you have to like 72750. Above the possible. So the first thing I would do David is pull your credit report you haven't done so to go to annual credit report dot com. Let's see we accredited is now there's all kind of calculated that they could certainly go to b.'s who got award you can plug in that their purchase price amateur and put down. It'll let you guys you know pick between different financing options and we'll tell you what your payment going to be in it also. Based upon your zip code as to me your principal in your interest a year insurance is well feels the an estimate your payment Allen. I have a question I had for you David and for you to Todd so. You guys telling you that it's at it's it's a hot selling market is the time to sell but then you're gonna go buy a home which means you're also gonna pay a lot because it's a hot selling market I don't know. I don't know why you'd wanna buy a home if it's really like really high prices you have to get out of that home Regis is too small. Aren't yet that's actually a two bedroom one bath house that. Used to actually be 81 bedroom 1 bath house I am the living room. The curtain literally used to be eight the lot. On Andy. So you want a bigger place and yet you guys just want a bigger places and yeah well that's not as I appreciate it called David and I'd tie into his fantasy question Todd so if people don't like where they're living and they want to move to a new house they wanna sell and get another house. What is a good time to do that is it when them when it's a buyer's market or a seller's market if you're looking to upgrading get a bigger place because that is a question I've always had him because they always say buy low sell high the trouble is I still need a place to live he's overnight but when I sell high. The way that you really can't time the market just like he can't time the stock market you can't and then realistic market could put on the market go up tomorrow so I would like look long term thanks for the next five to ten years I know I'm gonna be somewhere. Then that that might be time to look at that but if you're gonna be moving or you don't know your job changed alive. Maybe not the best idea but if you know you're gonna be somewhere for the next five to ten years. Went in hopeful that you know you do when you're ready. Yeah I mean it's not employed as you can't we don't know BJ's things could keep going happening in dispute behind the eight ball right at your rice but that they could go down so it's it's more long term the house's is meant to be long term investment deal member double digit interest figures like I think it is that I Taipei in the twenties or thirties I can't remember Jimmy Carter. Yeah that's and I I bought a house you always know who's that. It was a 7000 dollar house and I feel like my monthly payment was what you can get now for probably a six figure house. A high six figure house it was that the interest rates were so high seventies in Indiana is nuts yet so it even Bonnie lake. BEC dot org go ahead Ian. Never a question about a third. Car because. Well look I'm Republican or vote on Craig list called let dealerships and how what a load is a better option being a personal opponent buyout reckless. Or getting an aren't alone in going to a dealership. Well you're eight. So Agassi your asking I think the same thing you know I think about it a personal loan is not is an unsecured loans here probably gonna pay higher interest rates that. I'm not alone is going to be serious secured by the purchase of the auto what you get the financing of the deal or you do it on your round what I recommend he should do it on your own. I'm you have a thirty day window that you can get estimates. From a multiple lenders in only counts as one. Credit hit on your credit report so you're talking for him beacon and auto lawn honors on or personal on Amazon com I don't auto loan on his own you're here interest rates going to be lower yet here you gonna be 345%. Verses. You know personal on 98910%. Because it's on and scared. If an option if an auto dealer offers you like 0% financing is that the better way to how I would compare that with. Will they give you some cash back. Up. And so sometimes that sometimes those can be okay 0% but sometimes it gives you cash in lieu of that year sometimes better off going getting the financing round take unique aspect. Paying down your principles your hero in less money. What I say and I would done you know get you know get some quotes from a few different lenders on and the Q compare them go into the I go into the dealership and having your financing already arranged. I'll nice. That they don't you know it's funny I think you're doing that with a home because you know use and try to get preapproved before you go buy a home would never think about getting my own financing for car out I've always has gone to the dealer but I didn't know that you can actually do better by get your own auto finance and most of dealers will be able to run you one run through if you're at the credit union probably feel the process you right there exhaust so you don't go to add your own you can go to your credit union and go I wanna get a car yet. All another shall we proved your pay BJ you're good fair. 5000 as a matter of fact if I can remember the good folks at BC you actually did not financed my car when I when I and I was still cannot when it really wants them. You get preapproved I'm in engage in even get quotes from several different lenders it doesn't have to be just one. On the thing going in the dealership known what you want it's okay that it was the buying and on Craig's list or at the dealership there really doesn't matter. If you have your own financing artery ago. 206421 rocky and also Texas 77999. Let's go to Chris in a lake Stevens Chris you are on the rock. Thank you Marty yeah my Christmas. Eight so I attended an investing question for you I have. I would trust and eighty and it have been writing hurt. Well like now. Now I know how old are you crude. I'm 45 all right. That's what our credit starting Q. If there. That I am. There are so far and I'm wondering is now. You you know certain percentage of go more aggressive direction. Where did you get a higher return. Well I'm not knowing all of the actress is hard to say that. On the certainly long term you're you're looking that market on average if you look at it historically about 8% I'm not sure what your investments are and I guess I would recommend sitting down and speaking with somebody so they can see the whole picture. Where you're at today what you're saving for retirement what Google's argument down on our own room. About a family so I think we have a lot of work to do I think it's illegal on families and I don't think I can have and get on a home that you left family Agassi can count on him. You want to Stanley so early Chris I think we wanna sit down with somebody in and really put it Ito plan happy to hook up with somebody. Or makes the referrals Korea. Yes and interesting thing financial planning I Rihanna and Chris I appreciate the call because obviously Tony five years old you got a lump is yet a lot of money and you just let it stay there like you pretend you don't have that you let's say there and so your retirement age. Hold man can that be amazing. Yes and especially you know what it's invested in the mean is it you know it. In 8% ain't bad note that that some people don't do anything with it it is and it's sitting there and a money market there's a music now Pollyanna you got no idea that we really wanna look at you know any risk tolerance and in time horizon we'll look at what we need and. You're talking about an 8% return stock market that's usually you know but you put in some diversified funds using financial planner can help you with that. Yeah I'm leaving in a money market or something bowl with a lower bearing interest situation is not gonna get it actually lose money because Bernanke and yes Steve sorry yeah. To a 6421 rock rock 72 if I was decked out Todd from BEC dot org to answer your financial questions let's go to Kelly and Renton. Kelly you are on Iraq. And our guys aren't that bad but what you gotta tell you any questions for Todd though. Know our non recourse none Carson Oakland worked for a Nissan dealership and what I was talking and Carlin that's only true. You can do this you're you can do rebate a lot of time in lieu of really did you get your percent most people in the taken the rebates because they're very strong. I don't go to their party if they have a heart related or financing in place and actually get a better rate based on whatever they coaches are so many variables based on cheap credit. What we do cuddle up pretty direct lender would be you mentioned that yet and I'm EU member myself. So all of your days. What good families. Finally got a better room they were you don't have a lot of time to talk to Todd I think unemployment today has a you know regardless regarded what order they're great outcomes the year over that every. Our Kelli thank you go all right gallery of art that's why again that I was part of a I respect the hot out I was ordered the car sales all get the plug and I was surprised are you sitting beside do I jaws I thought what restraints and news's Wayne Graham and they you gotta love it no problem Kelly and yeah I it's it's it's it's you know it's an interesting idea to figure out should I take the money but then you said did you take the money then you pay down the. Principal is supposed to take the money don't have a party Steve. Then yeah that's unfortunate that that's our body of a tax question it's a good question on dubbed my husband I just bought a new home eight months ago we've been remodeling in the meantime room we believe we've gained some equity in the house. My husband's ties are on the idea of refinancing right now to get that extra money for morehouse repairs as well as the pay for my upcoming schooling would this be worth that we're currently. We currently only have our house payment one credit card and with under 2000 dollars on it and we both have excellent credit scores I just worry it'll blow. It just. ME a home equity loan is OK if it's used in the right. So what I mean by that is that I would not anchored in the radio game at home agreement. Using your home as an ATM for example yeah but if you're using a home equity wanna I wanna throw an awesome party and it sounds like there there their buildings sweat equity so they're doing the work themselves so they're actually. You know building that you so. Yeah is it cheaper to get a home equity loan is opposes a student loan as far as likely it is that work out easier and you can you know Todd as far as interest rates if you have or if there refinancing in this case I think she acts that. And yet typically they interest rate would be lower because it's secured and so if you have that equity in your own. Indeed the refinance on New Year's again. You're in rate for 5% vs two rounds 7%. And also you've said before the government which is just let's just say some really bad happens and they have to go bankrupt the government won't forgive student moment since it was a and home equity loan. And it would be forgiven bullet that and yes so she went to school and isn't you know means that they could bankrupt themselves out of it hasn't thing that they're using the money and to invest in themselves than education Napoli that leads to more income against the not just a party or hot and fast. OK they're investing in themselves and not taken homage and lastly by new hockey stick our pinball machine all that's different machine that's totally investing in yourself I was there. I we've got John John's got a question John to be the last one today John ACLU on the rock what without Todd from BC dot org go ahead buddy. Thank you it might jump on my this got a question about bankruptcy again about. While I admire my thirtieth place or we have a one and how old daughter. She wants to go back for a while that's. You tell your daughter she doesn't know enough yet do you make those decisions. And if my life all I see. We're pretty evident. I'm with student not that I know of the deal that but. It was that the long term I think if you work or Jennifer Miller that we're trying to hold it down. I mean it we erect a home. I want to a lot of that you are not totally you know that spells big trouble if they're out there so oh yeah. That's a good question I mean sometimes bankruptcy I mean I don't know there's it was a surprise bankruptcy can actually turn a person's life around yet. If there were a reason right in in typically it's because the medical that. That's like my most people. I don't know if you John period yet medical that are what little little gap and it if it is. Here's what I would say I would say I'll give you an organization to top it via an FCC dot org the National Foundation for Credit Counseling. On baking cookies in bankruptcy counting puny now on the Osce building that it that it anesthesia and at the C. I ordered it to hook up with somebody. Think he's gonna folly for ten years so it's gonna gonna it's gonna sit there for ten years and on retained granite when you get later into it it doesn't mean it's much that. On something went seriously considered so let's talk to somebody in and walk through with. Yeah I appreciate the co. All in and the cool thing about this at the places that like the link that that I just gave. We have a whole page of those on KI SW dot com if you go to BJ may space you eagle you'll scroll easy toss following face whole page. The click on that has also agreed agencies like that. It's just another fine service that BC dot org gives yet Todd as usual man time flies we appreciate you being here they. The one must very important question all payola laws texture wait until that time amnesty because it ties tied it time to buy a pizza for lunch today. Is it more beneficial to get pepperoni or combo pizza and the combo. On the other and know what's on your combo. Yet every side green peppers onions and argued any of that. I'm not ours debatable but I like the rest of it. Odd man I know if it's done the right way onions on a pizza has to test at it only good way to do you onions on a pizzas to leave them off of the people that feel good I got they ago. There's a fine as a vice from Steve and I don't forget man BC dot org you don't not have to be a Boeing employee you can be if you wanna be or you these live work or attend school here in Washington State and you can join BE CU dislike me. It is awesome everything a bank and UB EC can do except. You are a member edit owners say not to worry about anybody do as a shady stuff because it basically you're all dilemma for your selves not for the profit of some bum who's gonna retire parachute. And by the way Todd decision last day we wanna thank you for your services that the there's ever noticed. That. Decision basically you with a parachute then the golden parachute that's the call it's a make it's a lot of money to get thrown out of a company like a big wigs CEO are never never heard of that million and asked. Aspirin does he gets the all he had where do I don't want to let. Let's say you do such a horrible job the company. But then they have to give you this big bonuses they throw you out the door and they call it a golden parachute on the first product can accomplish yeah yeah yeah yeah. Is that they would put that in your deals they make sure I get this vote as a matter how bad I tankers joint. Our Todd thanks buddy thanks BJ. The next morning it's. Yeah. I guess helps you.