03-22-17 Todd Pietzsch from BECU joins us live in studio.

Wednesday, March 22nd


A texter wants to know if he will be responsible for his wife’s loan after they get married. The Rev wants to know if it’s smart to take his 3 separate bills and combine them into one. A texter wants to know the steps they need to take to start buying a home. Caller Kevin has student loans and wants to know if he should consolidate.

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

Do you resist the KI DSW financial advisor he heard the god. I invented numbers so I know how this stealth word speech. Head talk it over point five years through the financial service industry. Lots of position he's held. Consumer business lending he knows his stuff and he's been with BC you the last sixteen years currently serves. As the senior manager of business development. I like to say that I played a big part. And him getting that Earl because well I'm you know as a member I'm an owner and I can't remember the last meeting but I I do I show I'm sure right I voted for you. I think Vijay appreciate it now from Bonnie. Plays of all sports fan her deacon about a outside spring training coming as it currently without all the the basketball madness great ten year and a as they can about you because I'm reading the story about some dudes dig a second win a million dollars for a 12100 dollar bet that he put on Michigan winning the national championship gods that's aid to one odds. Talk about 121500 bucks who put down we're down 121000 dollars and a bad boy and easily almost anywhere in a million dollars and around him. What would you do it a million dollars and I talked Todd yeah I would honestly not sure that would be here that I should talk would have put 121500 dollars on basketball bet that's a thing of the Big Ten elegant you know okay ninth. Risky financial decision and you WS Inzaghi and you know you got that powerhouse and other did you get to get through at some point Richard yeah. So Todd teach men BC dot Oregon the cool thing about a credit union man is they're very different than in normal bank. A lot of the problems that banks had back gay you know in the the fall the housing market and all that ridiculous news. A man it doesn't happen and a credit union because then did the members of the owners the owners are the members. They're really working for you when you think about it and Todd is joining us you wanna tell people the difference you know credit union in a bank is. A lot of us don't know that you can really do pretty much any credit union you can do to regular bank I mean did the biggest thing I'm BJ's we don't have stockholders the owner of the members are the stockholders so everything we do revenue we bring in has backed the numbers one form one way or another whether that's. Better rates on deposit lower rates on alone. And a ATMs more branches it's just a full circle so there isn't that agreed that we're we're not feeding we're looking at our decisions are made and what's best for the member. And period the end and all you gotta do is live work or attend school and and Washington State and boom you can be part of BE CU two is gonna be EC dot org to get all the info we got a text question at 779 and I'm my girlfriend I get married and a couple months time do you want no official wedding Altamont about this just an outstanding bills as a wash as Washington is a community property state to I'd become liable for her debts. Net and that the only way you're gonna be liable if he is if you signing your on the notes have you gotten that alone together in your both on there. I'm before you get married then yes you would it not if you if here. And before you're married and even after Mary for that matter. And it's only when your view when your cocoa on a particular loan would be response this community property just about income and and stuff that you have is that when that comes in the play. It's not necessarily incoming it is its community property state so when we're looking at if there's a separation if you will. Then it been assets you have when you use it is community and Mary. So really yes so hard again if you were it it's their communities of puberty yet. Marion and separated or divorced later on an asset would be it would be the community so you really can't hide things like that Kenya now now that's the thing that's not a good day. That's what they used to do back in the day some of those folks had a lot of money game one of their spouse to find out they hide it by. Or say hey it's over here it's not yours and if I it's over air four here I may have myself I did it myself by day thing you know and because there are some people who think that they go fight take my money. That are you agree is my money in the marriage and I go invested in mesa still eons. You know some people think that's mine not yours if we give we get split but it Washington State and no it is considered community property thing. And then the egg goes to reverse way as well so if we if you are married and then you get alone together with as a homer Otto whenever. And if you get separated or divorced. That doesn't mean that you're liability for that goes away. So and if you both on the note together and move by one person this happens all the time and all the way and it's that they gathered experts and doesn't make the payments Logan to come back the other person is on the note. Well so that's. So sick space to a 6421 rock rocket Simmons 625 he got a question for Todd piece from BEC dot org just give us a call that number you can also Texas. It's 77999. Our own reverend Fuego actually has a question he's trying to be an adult trying to draw he's got married and now he's got himself a house easily he's renting as you've learned in the past released very bad purchases I'd like Biden 00 yeah hey hey he's an undergrad purchase on wheel of fortune. He's got a family now is gonna cats yeah Democrat he is a is it an additional cost there that well is not too bad that gap you know I'm I'm always weren't you got you out I mean look at the rest grown up he's and it is all about him in his Mountain Dew. And is an N and his World of Warcraft but now that's a good point easily drawn from a money unloaded the jolt or the Mountain Dew that's this news most the timeout dearly and yet that's why have diabetes. But Todd so here's the deal one of my credit card companies is sending me either sending me checks to pay off other loans and credit cards. With an eight PR that's lower than what I'm paying for my other loans. And I'm doing the research to make sure that this is like a you know financially viable and all that stuff but is there anything else I should know about this process and is it. Is it worthwhile to take three separate bills and convince them down to one. On it can make sense yes I'm like I guess it it. I've seen a lot of zero balance transfer offers out there so my first question is is why are they charging anything. I'm first and foremost on that and then secondly is. Is eight it can make sense to consolidate them that read the fine print what what when you have to when you start paying interest and then more importantly how are you changing your habits so you don't get into the same. Yeah they might take situation then yeah we had yet a look at so we can hack have a plan and save its twelve month interest free. It what's our plan to get paid off with and that twelve month and change their behavior that we don't get back in the same. Same boat our eyesight should probably talk to a professional and didn't think you grimaced like that a yes or use it as I was asked about Betsy Reza resurgent dot I'll con having your cat. Gap that they Karl yeah he doesn't do very well with that so what are people getting to the zero balance of this thing if they're not making money on any interest that you will they give you the money how they've how are they making inning giving them money. I'm I mean you know that after that period they're open it you'll stay with the right. And then you will end and there's. You know credit card companies or banks create near you they're interchange so anytime you make a purchase there is revenue coming in up that purchase as well. Top featured VCU dot org and again if you get the questions for Todd to 06421 rock. Rockets 7625 you can also Texas it's 77999. And don't forget if you live work or attend school in Washington State. You can be part of discredit in DC you just going to be easy dot org. As Texas is they tie just graduated from college I'm looking to change jobs into my new field but I'm also trying to buy a house and currently living in shy wins I changed jobs until I get. Until I get along. Com I values you're probably gonna have to have two years of work history but what I would do as its gates started learning the process now. Parts of talks people listen to take immediate ended down. How much of a down payment and have to have what is my credit look like today so now's a good time to start building that foundation. So you have that planned that thing you know is it one years six months two years five years what that what that apple. Says we're talking about homes Todd in because look right now I mean I don't know if it doesn't look like this is a buying time and nobody wants to buy but it surely is a seller's market which is not good if you're person trying to be Smart you know when you wanna make a purchase. The people don't understand what is the optimal way to buy a house as far as how much should I have is a down payment I mean. And I don't know if anybody knows anymore because we're just toll a glass houses no money down you do this do that. And if you could mean some people can't but Todd if you were to say all right here's the optimal way to buy a home how would you tell people. A few it depends where you're at you're just starting out in life. On yeah yeah it's going to be tough to come up with 20% down you know you're looking at 45600000. Dollar homes you know in an area just to get into something. On so it's come up with 8000000 dollars is not going to be. It's going to be very difficult right for or somebody just starting out so you may be forced to go to that these young naming and that was a 0% that three to 5%. Down and on that make sure you you understand it's a long term and a few if your house stable as your job are you going to be here in five years. You know look at those types of things as well on. I'm and then understand that owning a home requires a lot of work and now a lot of extra money Ruth nineteen. Things break those rolling news that's not landlord anymore so you want to have that make sure you use your income is enough to cover your housing an additional so that's a 25% of your income. We go to your house that would be good. Rule of and you and Todd is somebody decides they just wanna rants and then they save money because people think well my houseful. Appreciate. It's like it's a savings plan for me. But if somebody decides they want to rent and just save the money that they would pay for a mortgage or whatever they would pay for Miami. You can still save money and be a renter and instill they have a retirement planner do some stuff I mean if you don't have to buy a house is a way to save money. Now of course meaning in typically. The house is gonna be against long term so you're you're betting that yes overtime long term. Rick they the appreciation will go up on and then you're also making Samir payments are paying down your principal. That most people get a thirty year mortgage that's a long time I bet. And you know don't I wouldn't rush into it and say average. Housing prices are going up I have to get in today and look at your situation what the long term to look like for use in 88 as makes sense today. Maybe it makes sense to wait it. Kevin Boss clearly Todd from BC you'd. Out or go ahead but he. I got a long time with their first or caller I spent what you got for time. Sort of I want you won't. A lot and I'm looking at him kind of consolidate their student loan. There it could create and I would in order to. Is an average of my total number of loan. Why have our student loan drinking from three and a half to 7%. And Brooke I can probably pick on me that I'm going to consolidate down. To six and a half but they'll hire on a lot of my other loans that make sense. I'm guessing you're saying that the average is gonna be 6% and right now you're between three happened seven. We are where everything you know and scoring from her well in our era of these federal loans. These are federal. It. And then barrel grad school so there's no other way to really do another reform. Of course and it is an attempt to Europe through consolidate. Because then I'd be paying more or over the life of alone. Arm. From recurrent. So you're saying that you're gonna consolidating your ear effective interest rates can be higher than what year effective interest rate is today. Yes. So are they extending the terms you're gonna you don't grad school. I'm outer grow economic experiment. Assess their needs. Is it is it seems like a simple originally tied you don't want out in my crazy world and I think what Kevin if gear that they may gain this right that's what they're doing is they're offering new data rate is a little bit higher but you're probably making a lower payment. That that sound correct. Our other payment would actually be a little lower but it's not that much ordered your particular so. We warned that it occurred within lucrative principal group. OK so if you're not lowering your payment. And I extending the terms then and I did BJ's point I mean why would we wanna pay a higher effective and history. Barack spirit air I don't know what they're going forward if you are higher rate we can't pay it out sooner. Agree prepare. And so I mean we just had to crunch some numbers here and see what your balances are on each of those on the if you discipline start by paying the highest one. Making you know in the edition that she can make additional payments to the highest interest rates first were queuing down. I just felt in this case so experiment on an 8% mark from point nine. Over thirty grand on on through the warrant. Thursday that it makes no sense to pay down the big purse or hurt even though not in Europe to America percent on the other one. Yet you wanna start with the highest interest rate and we're QA down. I mean within it would admit I mean the only thing is taught as a B could make a payment he goes he's not delinquent wanna but I mean they had the idea is if he can make all the payments and all the alarms so that he's not delinquent yes it doesn't make sense to pay a higher interest rates correct consolidating her period. We're doing there and the only way it makes sense that I'm and can't make the payments don't have the ability and they're gonna extend the terms for me so yeah I Nancy. The pain to be a bad idea for him to possibly put 121500. Dollar amount on on Michigan and hope to win a million dollar that's a good golf PG AQ are you recall bear big happy to put it got Jake gave him 121000 somebody you know like I got to 500 I can't go against Gonzaga. You know I mean I really I just can't do it you don't I mean I I don't think it's a good call Kevin I appreciate the comment if you can get through the fall Liza Todd. Not a problem is go to KI SW dot com scroll down you'll see the banner or Todd smiling face and he will answer whatever questions. That he can plus is a great resource page that you'll see when you click on that banner with a lot of different cool free services and free info pages BC dot org is also a great place to do your banking man. And not tie Pete's like he said man it's all it's not stockholder all it's all member owned which means all the profits go back to you. That's a difference in a credit union and a bank not bad at all tot as usual the senior buddy likewise BJ thinks a the next morning. And yeah I K I guess tell you.