To write that we live in interesting times is probably one of the more vague and dull observations I've ever laid out in my thirty-two years on this earth. If you are looking around and have an IQ below 140, you may be downright confused and a tad bit pissed that there seems to be no full-fleged short-term cure to your ailments. If you are looking around and have an IQ above 140, what the heck are you doing reading my crap? You should be out there promoting your next book on Oprah, or at least waxing intellectual with the 'interestingly' appointed Dr. Phil.
Seriously, it isn't the best of times right now. At least for the majority (I believe) of folks here in the land some vow as the promised one, it's tough. Frankly, I've felt it too. My cat Baxter used to eat Liver & Onions and now has no choice but to settle for Spam & Garlic Salt. He still loves me though and that's a damn good thing. He's an adorable little whiner.
The root of some of our troubles seems to start and end with the almighty dollar. As a guy who has done a mortgage or two in his time, I figure it might not be a bad idea to curb some of this... in my own little way. Buying a house can be a blessing or a curse,,, it depends on who you talk to or who you are working with... maybe even a mixture of the two. Here's a bit of advice from me whether you own your abode or may want to buy a home down the road:
- Do not shop Interest Rate alone! This may sound hypocritical considering one of my 'selling points' is I can get better rates than Retail Operations out there. That simply means some of the big names you see advertised or recognize cost more than a guy like me because I'm wholesale baby! Yet, don't do business with me because I'm cheaper... at least don't make that the only reason. Do business with me because I'm better equipped to handle your transaction and more importantly, YOU. Trust rarely has a price... monetarily speaking.
- Big financial decisions, like owning a home, should be a plan and not an indulgence. If you got or get away with the latter, make it work by planning what the future can hold. You don't have to be smart or lucky, just be informed. I think they call that smucky...
- Any transaction's end result should make you feel and be more comfortable. Statistics aside, if you can accomplish that... then you've done something with your life.
- Ignore the Media. Well, not totally, but take what you see and hear in stride... as their ratings ironically depend on our own demise. Folks tune into train wrecks, whether we are off track or not.
- Watch your credit and your score. I'd advise not to work with somebody who doesn't understand credit. As it stands, your standings are as important as they have ever been. It can cost you money or save you money, that's credit.
And the most important piece of advice I can give is the benefits I may receive...
Win the Lottery and call me in the morning... posing as my rich uncle who cares...
"Smucky" is going to be my word of the day :)
These are certainly interesting times, but the nation has been through worse, and this too shall pass.
Jennifer - This one was a bit more parsimonious that others, it shouldn't take you long;)
JL - So very true, so very true. There's no need to ignore the reality of everything, in all its forms.
Mr. Sardi, at 145, I still enjoy your posts. You are creative and speak your mind an important mixx in todays world.
Jason, the only thing I have seen as the fly in the ointment in looking at the economy, is you could have been happy with the transaction and then the ground shifted. Sort of like an earthquake. House values plummeting 25 to 40% over five years or more, I think no one could predict. Seems quite unfair to me. But then again, life has never been fair.
Nancy - I thought you were much younger than 145;) Thank you for the kind words.
Gary - Crap does happen, there is no doubt about that. Folks can do everything right and still fall prey to bad things happening. Life isn't fair but that is why reading a guy like you can be quite appealing for the soul.
Jason,
You make some good points here, especially about NOT shopping rates...if any consumers reading this do not believe it coming from the mouthtypewriterkeyboard of a mortgage guy, let them call me!!! Thanks, Joe, The Plumber
Jason, your poor cat! ;o) Times are tough. Ignoring a lot of what the media says and getting good information is very important right now.
Fran - Where was Joe The Plumber when my sink was clogged about eight months ago? Thanks, Sardi 'Pretty Fly' for a Mortgage Guy
Greg - Baxter is one spoiled Son of a Cat. He's cute as a button though. Being that I'm on the inside, some of the so-called facts in the Media give me a nice chuckle during 'Prime Time'.
Jason - If I win the lottery I'm not calling you in the morning.
Jason, although I'm a former member of Mensa (former because while I qualified and my parent's purchased me a one year membership a few years back, I didn't see a need to hang out with a bunch of folks whose only thing in common was scoring well on some tests. I'd rather be with people who do, aspire, and achieve, rather than those who just celebrate book smarts and pat each other on the back), I still enjoy reading your stuff crap.
Ignore the media is excellent advice. I was just speaking with my mortgage partner this morning and we discussed how so many watch all the media hype and wonder whether mortgage companies and banks are lending at all. He said he gets that question 3 or 4 times a day from potential borrowers. While mortgage lending standards have no doubt tightened, the majority of the lending problems reported in the media are the large commercial loans, but that's not made clear to the viewing public.
Sandra - I knew you were a fair weather friend;)
Brian - That's it, I am going to challenge you to an IQ test!
I've gotten several emails wondering if mortgage loans were even still being written and funded. It's amazing what the 'hype' can lead us to believe... fiction rather than fact.
Jason of course you offer very good points. I would say you are wise beyond your years but you are only 32:)
Jason,
You clogged your own sink, unclog it yourself!!! Don't worry! Help is on the way...soon you'll be able to call a special government number, and they'll send a plumber out right away...and at no cost...isn't socialism grand??? Thanks, Joe, The Plumber
Bill - I've heard that one before, thank you.
Fran - Actually, I tried unclogging it myself but it was a very deep clog. So, I actually did call a plumber and paid the gentlemen (handsomely I might add) to get it unclogged. And I'm still not buying the 'Socialism' rhetoric. Yet, that's another post in of itself.
Well, Jason, I am obviously well over 140 (in dog years) and I am not sure how we got to socialism from credit scores. As for winning the lottery, you know that it is just a tax on the mathematically challenged, don't you? Of course, you can't win if you don't play but you could by liver instead of spam if you don't play....wait, spam is more expensive than liver anyway.
Jason,
When you hear the word 'redistribution' or the term 'spread the wealth'...it ain't 'rhetoric', my friend!!! Thanks, Joe, The Plumber
Jason - I was damn close ten years ago. I used three singles and plunked down $16 on a pick six ticket in the 1998 Breeders Cup. As luck would have it, after five races I was alive with two choices in the final. One horse was the talented Skip Away and the other a relative unknow by the name of Swain. Skip Away was bet down to 3-1...but if he won.........my ticket would be worth $185,000. Swain, the unknown, was quite the longshot and his numbers indicated a payout of in excess of $500,000.
Before the race was run, another gambler (actually one of the high rollers) heard that I was still alive. He came by my table and offered me $5,000 for my ticket. I turned him down.
The horses left the gate and the lead changed among many as they raced down the backstretch. As the field turned for home..........SWAIN broke through the pack to take a commanding lead...........I leapt from my seat and immediately begain cheering.
Then...........
Frankie Detorri ( a british import jockey) began hitting my hopes on dreams with his left hand. Swain moved from the rail and began angling to the outside. In the final strides, Pat Day pushed his mount across the finish line. Swain finished second or third ( I really don't remember, not being first is all that struck me).
You see, in England the ponies race clockwise. Jockeys instinctively whip their mounts with the left hand to urge them to the rail. Frankie, in a moment of exhillaration succombed to habit. I have never forgiven him.
So, not lottery..........no big pick six.........just my fondest desire that you succeed and continue being the fine young man that you are.
jmac
Fred - Threads can get off track now, can't they? Is Spam more expensive than Liver? Hmmm, I thought I was buying the good stuff:(
Fran - While I know some folks are very passionate about their positions and parties in what may be one of the most important elections of our lifetime, I'd rather not get into that on this particular post... as it has nothing to do with the context. Though I'd be more than happy to go into it on a post and thread dealing with that particular issue or politics in general.
Jason,
So how's business??? :) Thanks, Joe, The Plumber
J-Mac - Your wise words are always greatly appreciated. That's quite the story on a brush (albeit a futile one in the end) with winning some easy money. *Sigh*... back to working for a living.
Fran Joe, The Plumber - Not too bad, my friend. Loans are still getting done, everyday. Imagine that...
You have a cat named Baxter. I knew there was a reason I loved you.
Ignore the media--we all keep saying that, and the public's not listening! They're tied to their screens to see how the dow is up or down! What is going on with the meltdown? How's my 401k? Stop the madness.
Ignore the media--we all keep saying that, and the public's not listening! They're tied to their screens to see how the dow is up or down! What is going on with the meltdown? How's my 401k? Stop the madness.
This is such a fun post and really says wise things. I may be able to win the lottery if Arkansas passes a bill to have one. It's on the ballot and I hope it passes.
Linda - There's a vicious rumor that he may be getting a friend very soon!
Erica - It is tough times, for sure. I'm of the belief that a big part of the market is perception. We will get back on track. Just keep that good train running.
Barbara - Why thank you! If it passes and you do win, remember little old me;)
Jason... hence why I stopped reading your stuuf... considering my IQ is so high... but wait, we do get 100 pts for knowing our name and how to spell it, right? Wait, that's with the SAT's...
Now, why tell people not to listen to the media? Aren't they the good guys? lol Wait, I wrote about that the other day, that they pissed me off. But a great point about shopping around. And if you are going to shop around, you need to do it all in one day no matter what. Especially in how the rates have been rising each day lately. But you know what, I just tell them to pick someone that they trust and go with them, stop the shopping. overall, some good points as usual.
Jeff - It is not your IQ that is high, but your THC level, brotha;)
Doing all the shopping in one day isn't a bad idea. I had someone tell me the rate I quoted them was a half percent higher than what was quoted from another lender. I asked them when they got that quote and they said, "About a week and a half ago." Go figure...
Jason,
Always should have options...why wouldn't someone shop around rates? I'm sure you'll be able to take care of the situation.
Neal - Of course they should shop around rates, my qualm has been doing so carefully. I'll be writing an article in the near future in regards to Zillow Mortgage Quotes, to which I've been a part of as a lender since its inception. Hopefully that article will better equip folks the right ways and wrong ways in shopping rates.
jason- You have such a way with words. Good advice mixed with some off whacked humor and a little Baxter to boot. we need more like you out there stirring the pot and calling it green!
Jason, Great advice. I know of one couple who looked at a few houses with me and I referred them to a loan officer. They could not afford anything. Then suddenly they won 300k in the lottery and bought a house. But they did not call me. It was a FSBO.