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How to Sell Your Car

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
July 29, 2021 8:03 am

How to Sell Your Car

MoneyWise / Rob West and Steve Moore

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July 29, 2021 8:03 am

You picked out the make and model, and you’ve been saving your money, waiting to buy a new car. You’ve maybe even found the exact car you want. Now the question is—what to do with your old one? On the next MoneyWise Live, host Rob West shares what to do with your current vehicle if you’re in the market for a new one. Then he’ll answer your calls and questions on various financial topics. That’s MoneyWise Live—where biblical wisdom meets today’s finances, weekdays at 4pm Eastern/3pm Central on Moody Radio.

Finishing Well
Hans Scheil
Finishing Well
Hans Scheil
Finishing Well
Hans Scheil
Rob West and Steve Moore
Rob West and Steve Moore

Hey there I'm Jim and Baxter and I certainly radio is the director of business development. Our team's job is to find businesses that love MIDI radio and Jesus Christ and want to support the work we do financially just like you today. I like to introduce you to United States mortgage. Simply put, they are afraid focus mortgage team serving clients across the United States.

They put together a team with Christian values with faith and family at the core. They know that this is arguably the most important purchase of your life. Check out the top five things you should know about United States thanks to you and United for for supporting the radio United is a DBA of United mortgage Corp. 25 Millville Park Rd., Millville, NY license mortgage banker for licensing information, go to an MLS consumer corporate MLS number 1330.

Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah. Today's version of moneywise line so our phone lines are not picked out the make and model you been saving your money waiting to buy a new car, maybe even found the car you will now the question is what to do with the old Rob West. If your current vehicle still has value.

You can trade it in. If you're buying from a dealer or sell it yourself if that thought fills you with fear and loathing. Don't worry, I'll tell you how to do it then we have some great calls lined up but please don't call him today because we're this is moneywise line God's financial principles always steer you in the right direction so there's no question that a lot of people simply don't want the hassle of selling their old vehicle privately, but the truth is, in most cases, you'll end up with more money by doing it yourself. That's because the dealership has overhead.

They have to clean and prep the vehicle and then price it to make a profit, but that's money you could make by selling it yourself so first gather up your papers that starts with the vehicle title you won't have one. If there is a lien on the car and you still owe money. In that case, it's best to wait until you paid it off before selling the vehicle title in hand. The next thing is go online to your Department of Motor Vehicles to see what forms are needed to transfer ownership like a downloadable bill of sale. Also check to see if the license plates stay with the car after it sold then order a vehicle history report from Carfax or auto check. Buyers will want to check it and we've got links and or show notes today that with all of your paperwork in hand. Now you get to set your asking price. Go online to Edmunds or Kelly blue book plug in your make, model, mileage features and condition to get an estimated value set your price a bit higher to give room to negotiate that you have your asking price, time to roll up your sleeves and give your car a thorough cleaning outside you want curb appeal.

So wash and wax inside remove all the stuff that's accumulated in the glove box under the seats in the trunk, pull out the formats and scrub them clean and finally vacuum the carpet. If the car starts to look too good to sell.

You know you've done a good job. The next step advertise dig lots of photos inside and out and choose the best half-dozen or so include the best features like low tread wear on the tires. Now you're ready to start posting ads and you can do that in Craigslist auto trader or eBay motors. Craigslist is free auto trader add rate started $25 but it's worth it because the site is used by serious buyers at eBay motors. You can either auction the car or by an ad in any case, enter basic information about the car make and model, mileage price, and so on. You also write a short description where you can list special features like Bluetooth or reverse What your ad is up you'll hear from prospective buyers, either by phone or email screen if you give a phone number.

Let it go to voicemail so you can choose who to call back. Now watch out for buyers who lowball you were negotiate before seeing the vehicle they could be flippers who buy low and then put the vehicle back on the market at a higher price. Be ready to discuss the karst features. When you have a good prospect. You'll want to set up a test drive. Don't do it from your home, though, choose a safe public location like a big box store parking lot, take a friend with you if you can let the buyer drive the car but go along for the ride. I would resist negotiating at that point. Instead, just answer any questions the buyer may have. If they want to have a mechanic inspect the car agree but insist they pay for it now.

If the inspection reveals items that need immediate attention. You may have to lower your price to compensate, but don't address every item on a long list of potential problems, it is after all a used car.

Now it's time to close the deal. Don't make the first offer. If you're asked for your best price saying your asking price is fair but you will consider an offer if you agree to a price tell the buyer you'll only accept cash or a cashier's check, then with the money in hand, you sign and date the title and give the buyer a completed bill of sale and that's it well but is it actually you have one more option that allows you to skip the entire selling process.

You can donate the vehicle first. Check with your local church to see if there's interest in taking the donation of the church could use it to bring people the services or given to a member in but you can also donate card to the Salvation Army or another Christian charity and will have a link in today's show notes so you know exactly bottom line is it's not as difficult as you might think you can do it. I believe you're listening to an encore presentation of moneywise live you can find out more information about the topics were talking about when you visit our website moneywise

Today's program is prerecorded, so keep that in mind. Working to pause for a brief break, but will be back in a moment with more moneywise live back to moneywise live fully apply God's truth to your financial life as we mind the Scriptures we understand that God is the owner where the managers and money is a tool to accomplish God's purposes, and the good news is 2300 verses in the Bible that tell us how we should manage money. The principles that the Lord lays out for us that we can apply to every financial situation and you know what their simple euro. If we live within our means that we avoid the use of debt. If we give generously have some margin or some savings in her financial life. And then we set long-term goals will be well on our way to experiencing God's best in this area doesn't mean we won't still struggle from time to time, or we may find ourselves where we have an abundance at some points. Regardless, it's about being found faithful. As a manager of what God has entrusted to us today.

That's what we want to do here in this program is celebrate God's provision in our life and then talk together about how we can be found faithful and that before we take some more calls today, but let me remind you the moneywise app is available in your app store is a free download.

It's available when you search for moneywise biblical financial find or discover tablet the best podcasts, articles and videos in Christian finance. You'll find our community where you can post a question, get feedback from others on the journey as well as her moneywise coaches you also find her digital envelope system where you can organize your spending. Download your transactions from your institutions automatically have been categorized and then know in every envelope where you stand throughout the month that's going to be key to living within your means ago downloaded today. Love for you to do that and when you upgrade to a moneywise Pro subscription. It's a great way not only to manage your finances easier, but also to support the work of moneywise and moneywise media. Our coaches are online programming and content, not to mention this broadcast. We produce each day.

All of that is through your generous support and certainly you being a pro subscriber in the moneywise Apple go a long way to helping us do what we do and following the Lord's lead in serving you in your finances. So thanks so much in advance.

Let's turn to our phones. We first go to Lakeland, Florida Joanne, what's on your mind today call Angela.

I'm 69 works, all we didn't have one task to stop market. We only have at I just wanted to make sure it's gonna work for me so that's my life, Lord willing. I have a long line.

I should not tell you how much you don't mind sure approximately hundred and $50,000 in the bank, give or take a little bit along some coins that are turning out to be.

I don't have that slowly prayed that some what I've been told it's looking good which Oakley what that means. Okay, right up to the functional counselor and he wants just sent me an outlet with an annuity. I know that current time on I told the person that I call you when the person answering the phone. I told them that two weeks after my husband passed my son was diagnosed with leukemia stating like I can ever sense. Ever since he was diagnosed, I really don't want time in case we needed for something that might just meet with I asked my church on Sunday. Pray for the late don't matter to do well. I appreciate that macro Joanne, I'm so sorry to hear about your husband's passing in your son's diagnosis. Morgan asked the Lord to be near to you and join your church family and praying for you maybe will have a chance to do that today before we end our time together on the phone but know as you pause and think and really seek godly counsel. That's exactly the right thing to do.

Joanne not to make any quick decisions about really just to allow the Lord to give you some clarity about what this next season will look like to lean into him during a time of loss.

Obviously your grieving and yet you're still trying to make wise decisions related to the resources God has entrusted to you, and you have a significant sum of money there. Let me ask you related to your income. I realize there's unexpected medical expenses that may come down the road.

Things like that but we set that aside for a moment just your basic monthly expenses are they covered through Social Security and any other income sources like hard now. Okay, we did not handle. That had gone away totally alone small VA disability got that look away now my monthly income can be between Social Security and weight.

Direct quote for accounting government after he retired from the military. I'm getting pension fund Matt as well, in my small one part that portion of his Social Security. I'm looking at roughly similar between 30 504,000 and we have not began. The house is paid for. I use a credit card for gas and grocery Dan say really I have no gap that takes huge blasting.

There's no question about that, Joanne. Have you done a budget to where you try to account for not only those bills you get every month but some of those nonrecurring expenses and even those that might come couple times a year do you feel like you've got all that in one place and if so do you feel like the 30 504,000 will cover that I believe electric bill and Matt Morris – I think hiring shot. I don't have cable TV. Don't even own a TV movie we operated on a bandanna mountain as frivolity. I guess you could say well you know you're living modestly, and obviously putting yourself in a position where you're completely debt-free including your home is a huge blessing because it keeps your expenses as low as possible.

If you want some other ideas on how to set up your spending plan how to manage the flow of money in and out every month getting on a budget tracking and controlling your expenses.

It sounds like you got a great handle on it already, but if you need some ideas on that.

Perhaps your husband handle certain aspects of it that you're now handling. Perhaps your questions, or maybe you're uncomfortable with portions of it.

Be sure to connect with one of her moneywise coaches that be delighted to walk alongside you for several weeks to answer your questions and get you set up you just go to our website or if you don't use a computer. Perhaps a family member, friend can help you the moneywise click connect with the coach and we'd love to be of assistance to you with regard to that hundred 50,000 a real blessing.

Here Joanne is that you don't need the money today and as you said, if the Lord Terry's and you're in good health for a long time you want this money.

The last for a long time. We also wanted to be there and yeah you could give it to an insurance company in exchange for some sort of guaranteed growth rates that could be over time annuitize that could provide a supplemental income stream to you, but as you said you would be giving up access to the money without surrender charges and fees and I'm not a big fan of that, especially in a situation like you're in where your basic expenses. Everything that needs to take care of your lifestyle on an annual basis is covered by the Lord's grace through Social Security and the various pensions that you have access to. So I like the idea of investing this money conservatively in a way that is really focused on preserving the capital but having growth in it that's reasonable, given your age and risk tolerance goals and objectives. So were not looking to beat the market were not trying to do six or eight or 10% a year would probably be looking to achieve. Maybe a 4% growth rate year where you could pull some money out over time. If you needed to, and not impact the principal and if you didn't need to touch it, you have a larger some five or 10 years down the road if you needed it for long-term care assistance, or to assist your son something like that. We have full access to the principal but you got a growth component in there and if the market was down that portion of it there was in stock. She would never sell it while it was down you let it recover because the majority of it would still be in fixed income type investments like bonds.

I think you know it's gonna be really important joy to have an investment professional that is try to sell you an insurance product, but somebody who can manage this money based on your goals and objectives.

Remember you're the steward no one else.

And so it needs to be managed.

Accordingly, I recommend you connect with two or three certified kingdom advisors there in Lakeland. Visit with them. Perhaps take a friend or family member with you find the one that you believe is the best fit. These are men and women with significant experience. They met character requirements and regulatory reviews, but they also understand the counsel of Scripture and can bring that to bear in the context of professional, competent financial advice. So again you go to our website look find a CK put in your ZIP Code and again I'd interviewed two or three and just describe them exactly what you did to me as to where you feel like the Lord is leading the purpose of this money get a full understanding through discovery of everything going on in your life and then you and that professional would agree on an investment strategy moving forward.

Does it make sense to help a lot. All right, Joanne, listen.

May the Lord bless you.

We pray for your father. We just live Joanne up to you today. We just want to thank you Lord that you are in control. Lord, that everything she has comes from you, and in this time of loss. Lord, we know you're near the broken hearted. We pray you would just make yourself known to her walk with her unique wisdom and clarity about this next season and real confidence about the decision she should make with your money and we love you so thankful that you hold us in the palm of your hand. Jesus will be right back listening to a best of broadcast of moneywise live. This program is prerecorded, so were not available to take your calls today you can email us at back to moneywise live. So glad to have you with us today just ahead. We'll talk about how you can transfer money when purchasing a car. Also how to find a reputable company to invest in. But first, we can head to Phoenix Stanley what's on your mind today hopefully helps her.

Michael will work on retirement. Hopefully will use over and may have some money left over London payroll money market will always recommend very good. Help me understand the source of the funds.

He said you're about to retire. Is that right and then you're going to have a 401(k) where the funds coming from, whatever like three different like reciprocal for each of you together so I thank you for the full 185 member rate okay all of the full one. I believe okay… It's qualified money, meeting their retirement accounts on a pretax basis of what you would typically do is roll that out to an IRA. Even if you had multiple accounts. Those can all roll into a single IRA so you could consolidate the funds there. If you then converted that to a Roth. It would all become taxable, which is typically not advisable as you're entering retirement for a couple reasons. Number one, you lack the benefit of the tax-free growth of the Roth you because you're getting more conservative in your investments and so the real benefit of that compounding growth over time inside the Roth IRA is lost. Secondly, you could create a real tax burden for yourself by converting a large sum of money that all becomes taxable as income to you in the other current year, so I'd probably look at rolling that to a traditional IRA. Assuming that's again pretax qualified money and once it's in that traditional IRA at that point tell you would want to then deploy an investment strategy consistent with what you're trying to accomplish your goals and objectives. Do you know Stanley roughly how much you'd be receiving all in 01. Actually, Miss left out. Not all going to be going into the investment will establish that the backpack some years from the other three companies that I work full and so after that was left with this. It may be around 5000 so I don't know for sure yet that's what they told Randy to find out where I wanted to invest that whole amount is going to be going going to look.

I'm back, my dear, so I can retire. I see and what is your income source going to look like in retirement. Oh right now, the sheriff's making around 73,000 a year. August 15 years there and on but I'm back eight years and in another unit from another system. And then I've already got about nine years in certain amount amounts with their system so I gonna combine all of those years so until found out where the excess money is going to be going and give them that information then they can really get me the rest of where I'm at right now presumably know all those years of service would end up getting your retirement income stream that would cover your lifestyle. I think the key though is to find out what kind of money. This is his qualified money on a pretax basis and you want to open an IRA, probably at Charles Schwab or Vanguard and then once that accounts open. You give them the information.

Once you receive the funds and you could deploy that into an investment strategy that is consistent with your goals and objectives that got some automated solutions with the Colorado advisors. For instance there Charles Schwab intelligent portfolios would be a great option for you where it's low cost very well diversified in the investment strategy is based on the answers you provided to the questions they ask. So I probably go that direction again.

Charles Schwab Vanguard any of those would be great. Provide that information to your employer and get the money transfer deposits with a quick break back with your questions.

After the stay with us back to moneywise live are you looking for an answer to a financial question where there's two ways you can get them to us.

In addition to calling in. We offer two additional options. You can email us we use that source to find some questions answer on the air so I'll try to answer as many as I can periodically when you send those in the other ways to go to our website moneywise and click ask a question. We have a team of coaches that are ready to respond to your financial questions and always respond with a personal response to try to address whatever's on your mind, you can do that moneywise, let's go back to the phones. Tampa, Florida.

Luke understand you're a first-time homebuyer. How can we help you today.

Thank you very much and God bless you for your show. I hope you continue to bless you, our Lord, what the gift given you to share with others and thank you for sharing it with me today that walkable job of the customer service agent about 32 or more a year, year first-time homebuyer looking to move in with my wife be difficult for him coming across the market right now little higher and I'm kinda being pushed on my am I like looking at you by now wait that's a great question, Luke, and certainly we like the idea of home ownership owning something that you can build equity in overtime, and that is an asset you can enjoy build a flat family there, but it's also appreciating and long as you buy it properly, but I don't want you to do that and put yourself in a position where you get overextended by either buying too much house or going in with not enough in the form of the down payment, or were you have too much uncertainty in your life. As to your you get to stay in one city or perhaps you need to relocate a short period of time, especially with a highflying market like were in right now.

Best estimates are nationally home prices are about 5 1/2% above what is the real market value, and we were just talking earlier today with the team about an upcoming program were doing and yelled based on our research. This is different than 2008 where we were in a housing bubble that resulted in a housing and financial crisis that rippled throughout the world. This is not that in the sense that that the lending standards are much stricter today.

The millennial's are turning age 30 and so their buying homes and having kids and looking for more space during the pandemic. People are moving out of smaller apartments looking for some more space because they can work from home are there educating the kids at home. There's a lot of reasons why your home prices are where they are today. Not to mention there's this or a real lack of inventory there's just not enough homes nationally to meet the demand that exist today.

So all of that is real and yet I don't believe that working to continue to see the growth rates in the housing market that we have the last 10 years and certainly the last 18 months. It's just not sustainable were to cool off. Although, in my estimation, this is not a bubble were working to see a dramatic fall so I think the bottom line for you as you as you think about making your first purchase the starting point is always am I ready to make this purchase. Regardless of the market guilt the home that's going to meet my needs and the location I want and maybe not the location as you said maybe you have to move a little bit further from town just because what's going on.

Am I able to buy that home in such a way that I have at least 20% to put down will the resulting mortgage payment be no more than 25% of my take-home pay, including not only the principal and interest, but the taxes and the insurance on the home and if so, then I think you know that would indicate that you're someone who's ready to buy and then it's just a matter of you know, not getting lured into spending more than you want, because of the market conditions. Right now you know where hearing stories of people paying 1020 3040% over the true market value just to get a home because there's so much competition out there right now I don't want you to fall into that trap and so you need to be ready to take your time. Trust the Lord make this a matter of prayer and let's see if we can find some that truly meets your needs but fits well within your budget and then the last thing would that would just be Luke know where you'd want to plan to stay in that home for at least 5 to 7 years, preferably even longer than that, so that if we did see the housing market cool off even take a short-term dip. You don't find yourself in a position where you lost a lot of value or you're even upside down. But given that tell me, where you're at personally and how what I've just shared aligns with what you're trying to accomplish. Inflation downturn. Likewise, the opposite you actually get on a dime. Dominant situation where I'm in an apartment much and what I would mortgage debt rating. My rent so I'm getting less for more than I give my writing my rent rate paid more money for the same apartment real apartment I might as well get out you and have two bedrooms and a check now but you think it in a position where my Continue renting get a plate that might be cheaper. Save some money and wait because all to artificially write well, you know, I think there's real demand. There is no questioning that. Again, this is not 2008 all over again. We got better lending practices. We got real demand for millennial's, we got people moving out into the suburbs. You know out of the downtown apartments because of work and home. Restrictions help in easing, we've got you know all kinds of factors that are's driving what were seeing here including just a real lack of inventory nationwide for home. So what you're seeing in terms of the housing prices increasing is real even though they've gotten by all. Best estimates about 5% ahead of themselves. I think the key is you know the savings if you don't have that 20% to put down. It's not just a matter of matching the mortgage payment for the current rent payment. You need that 20% of your looking to spend. You know hundred 50,000 you need 30,000 ready to put down and I'm not talking about your emergency fund. If you're not there, then I'd wait.

But if you have that saved, then I think you could make purchase.

Now go ahead and get into something that you can stay with for a long time, even though you may need to move a little bit further out from the city so hopefully that's helpful to you, my friend. I make this a matter of prayer and let us know how it turns out we appreciate your call today to Clinton, Missouri Sharon, how can we help you today.

We broke the family rolled forward and we also know that they only do stock type stuff in our other investment sources in an area can go into that when you trying to reinvest, like the one broker who is a relatively not the best hate to change anything family related when they want to go into blue chips and Chips in global to fun and different things like… I have here. Like you said we need to invite you to phone her integrity laws some corporations to say that. Then I go along with a lot of changes and prices are going on and it would not be really want to quit putting money into it until I have questioned how you find out if companies are there any left like that a lot was just past the stock market have to include diverse airport so I'm really confused share you race a great place to take a quick break we come back I will address these is a growing segment of the investment landscape, faith-based investing, that's really designed to deal with so much of what you just described. Will talk about it right after this short break.

Stay with us faith-based investing and much more). This is our final segment of the broadcast. We previously recorded. Thanks so much for being with us today and we hope you'll stick around and enjoy the rest of today's program back to moneywise live on Rob West. So glad to have you along with us today just before the break we were talking with Sharon in Clinton, Missouri. Sharon is wondering how you understand the companies that you're investing in. Who are they, how are they using their corporate profits. So what is their primary business activity and does that align with your values as a believer, someone who has deeply held values and convictions as a child of God and as you use and invest God's money and become an owner in companies do they align with your values and what's exciting is that Sharon is you know that were seeing a growing segment of the investing landscape is committed to what's called faith-based investing, you know, years ago, this was a very small segment of the investing landscape and it has flourished over the last several years.

In particular, were seeing many more investment solutions in this space where Christians can invest in wonderful company seeking a great return on God's money and world-class and even award-winning funds and ETF's and even individual stocks on a screened basis, but doing it in a way that really aligns with their values and priorities as believers and so that's that's really exciting.

I think there's a couple of things in terms of your next step number one if you want to do some research yourself.

There's a couple of the resources to take advantage of number one is what's called inspire inspire inspires a partner of ours and underwriter here to moneywise and they offer a free resource where you can screen any company, any publicly traded company any mutual fund or exchange traded fund and it will actually run through a filter using an aggregator service pulling in all kinds of data from sources literally all over the globe to give you an understanding of how that particular company or fund may or may not align with your values and will even flag some things that you may want to take notice of. As a believer so inspire would be a great way for you to do some of your own research. You could also seek out some of the faith-based investing fund families so we talk a lot about Eventide here and you can find more in vest a wonderful faith-based investing mutual fund praxis would be another one PRA XIS the praxis funds in an inspire has their own line of mutual funds as well. These would be representative of again world-class investments in this growing faith-based investing landscape. The other thing I would offer to you. Sharon is perhaps it's time to look for an advisor and I realize this is you said could get sticky. If you have a family member managing your money, so be sure to put the relationship first and pray through that handle that well, but this may be an opportunity for you to look for an advisor who really specializes in faith-based investing and there's a growing number of advisors and specifically CK is that do just that. And so you'd want to approach your advisor either an existing one or one you're interviewing to say, do you offer faith-based investing view offer investments that are screened to make sure they align with my values so we can exclude companies that don't. Do you offer positive screens were you can embrace companies that have a kingdom impact or at least are making a positive impact in the world and then thirdly do you help with engagement as a shareholder so that I can vote proxies and make my values known to the leaders of the company that I own and many advisors will help you do just that. So I would engage your financial advisor and asked about faith-based investing and I fear she is not able to provide that service. Perhaps it's time to look for someone who does, but it's an exciting space and I'm thrilled for you to be able to explore it more fully and we appreciate your call today.

Let's head to Austin Texas Stephanie are next in moneywise live question about what about cart you try to tell Kari Lockhart almost a year, but by my Dallas car and I wanted to play for the night pay 15,000. Anything else will be a good option to transfer money like now to think that saying that it that you family ran or people you may know, yes, I try not a traffic day and in their little small writing.

Try not to use it just for anybody side near Macon. If you're trying to item 1, transaction. I wouldn't want it back $15,000 in cash right I want to have that money in my counselor stating a cashier's check or whatever, but now I wanted there at lot might not think you are at it like cats that sure several out there, but now it's a great question. I would probably not use cell in your right they do even say right there in front and center on their website. This is for sending money to people you know. So this is not really a platform to do business with third parties or folks that you just don't have a relationship with. I would probably opt in that case Stephanie for something like PayPal. In particular, PayPal offers similar to credit card transactions. Some protections when it comes to your transacting business of a problem came up. You're more likely be able to get some sort of recourse through PayPal to help negotiate a solution as opposed to cell which is can be more like a cash transfer.

You could also opt for cashiers check a more traditional approach.

Couple of other notes just about purchasing a car from an individual. Stephanie, you don't want to pay money upfront to hold the car you only want to pay for something that you've seen and driven and decided to buy at that point you want to make sure the seller has the title and offers a legitimate bid bill of sale out where you transact the business unit physically is important as well. You want to do it in a public place where you can view and test drive the car you could use your local police station I know of mine has a space with the assignment specifically says for Craigslist and other genotype transactions and it's monitored with the camera 24 hours a day.

With proper lighting and so you know that be a great place for you to safely transact business, especially when you're doing something with someone that you met over the Internet and of course you always want to have a mechanic take a look at the car before you buy. So you know those are important tips but in terms of what I would use to actually transfer the funds you want to do it through electronic means. I would offer PayPal for the reasons that I mentioned, we appreciate your call today on to West Palm Beach, Florida Heather, you're next on the program glad my call were great things today. I shared my mortgage or I pay additional money kinds great grief. Glenn, currently the refinance option have a little here.

We would like to bring it down here it would cost $3000 and it went down 1% 3.5 interest rate right now okay do you have a good credit score Heather, thank you all very okay very good. The only thing I'm questioning is what is the value of the total amount of the mortgage. My mortgage right now. I doubt all $518,000 but have gone are the property appraiser valued it at about $200,000. Very good. And how many bids did you get how many different lenders. If you talk to. I lender that I hear on the radio, not hellish at home alone and me and my current mortgage company have similar pricing and I also need bank and they had find one company that had a lower cost for the refinance okay very good. The only question I have is 3000 is not out of line I'd love to see that closer to 2% of the value the mortgagor to be around 2000. I realize for some smaller mortgages you can often pay a little bit more in closing cost and so I get that with a 10 year mortgage. I'd love to see you closer to three if not under 3% for a rate I realize rates of ticked up lately, but that's a short-term mortgage at 10 years so I think everything checks out your certainly reducing the term you've got your spent expenses under control. You got multiple bids in your lowering the rate by at least a point. All of those are checkmarks for me. I might just get one more offer with whoever has the best lending programs. Right now the bank and see if you can get a rate under 3% or at 3% at no more closing costs than you're already talking about.

If you can't then then I'd stick with what you got so sick you got a great offer here, and as long as you're planning to stay in this home for at least 5 to 7 years or until it's paid off, that I think you're headed in the right direction. We appreciate your call today. Let's get to do it for us were so thankful that you stop by today.

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