A penny for your Marshall, bucks, and dollars!
Darkness Quote of the Day: “To be a star you must shine your own light, follow your own path, and don’t worry about the darkness, for that is when the stars shine brightest.” – Author Unknown.
Did’ja Know: Before the days of paper money, Americans traded animal skins, including deer and elk bucks, for goods and services. Hence the word “buck” to describe money. (and in an unrelated story, my brother weaseled out of a $100 bet to me in the 6th grade by saying he had wagered, “one-hundred doll hairs, not one-hundred dollars.” But my guess is that the word ‘dollar’ did not derive from our ancestors Barbie dolls).
Rate Update Rates remain in the low 3s on ARMs and in the low 4s on the 30yr fixed. Don’t forget – you can also get a 25yr, 20yr, and 15yr fixed too. You might be surprised to learn that you can maybe get one of these options which will lower your payment AND knock years off of your loan. How do you find out? I’m glad you asked, Mortgage Fans. Just call me (773.413.6242) for a mortgage checkup. And don’t forget to tell everyone you know that for any loan over 240k I will waive every single fee involved with a home purchase or refinance.
The 4.19% Myth: An AP report came out last week that said 30yr fixed rates were at 4.19%. What was false about that report? It failed to mention that rate was obtainable by paying full closing costs and points! What was true about that report? The 4.19% is a full two points over my high school GPA. Lessons learned? Don’t believe everything you read about rates, and try hard in school otherwise you will end up living paycheck to paycheck as a loan officer.
Darkness Quote of the Day 2: “I’m not afraid of the dark, as long as there’s a light on.” – Pee Wee Herman (Paul Reubens) – Pee Wee’s Playhouse (1986).
Timeout for Trivia: Congrats to all of you who correctly guessed Penny Marshall as last week’s answer. Want to be entered into a drawing to win a Nerf football (missing a chunk that was chewed out by my neighbor’s dog)? Just email me the correct answer to this week’s Who Am I? question. Good luck: “It was on this date in 1994 that I announced I was divorcing my wife after 16 years of marriage. Why didn’t it work out? Was she jealous when Rachel Marron told me she would always love me? Did she not like it that I preferred to dance with animals more than her? I don’t know. Sometimes relationships just die, much like me in my first big movie; although once they finished editing I was never really alive in that movie anyways.”
Rest in Peace: Barbara Billingsley