Do you want Mel Gibson as your broker? Do you, *!*#* ???
October 6, 2010
Marriage Quote of the day: “What counts in making a happy marriage is not so much how compatible you are, but how you deal with incompatibility.” – Leo Nikolaevich Tolstoy (1828-1910)
Did’ja Know: As a loan officer this year I was required to take 20 hours of continuing education, pass a national mortgage exam, a state mortgage exam, and get fingerprinted for a criminal background check. All mortgage brokers have to do this. However, did you know that if I were to get hired by a bank I wouldn’t have to do any of those things. Banks don’t have to follow the same laws and regulations that brokers do. If a bank wanted it could hire someone right out of jail or Mel Gibson to originate loans and they wouldn’t have to have any training or licensing! My opinion has always been that a qualified mortgage broker is always better than any loan officer at a bank.
Wuss’up This Week: Not much. A light week for financial reports. The biggest will be Friday’s Employment Report. The consensus estimate has the unemployment figure at 9.7%. If that number grows on Friday’s report you can expect rates to dip. If that number goes down rates will go up. And where are rates?
Interest Rate Update: 30yr fixed remains in the low 4s, 15yr fixed in the high 3s, and ARMS are in the low to mid 3s. Crazy. Just remember no two rates are alike. Comparing your 30yr fixed to your neighbor’s 30yr fixed would be like comparing Lucky Charms to Cheerios because when establishing rates the banks factor in so many different things (i.e. credit score, equity in the home, type of home, etc).
Marriage Quote of the day 2: “I, for one, think intimacy has no place in a marriage. Walked in on my parents once and it was like seeing two walruses wrestling.” – Sue Sylvester (Jayne Lynch), Glee (2009)
Timeout for Trivia: Congrats to all of you last week who correctly guessed Lionel Richie. Want to be entered into a drawing to win a container of Silly Putty? Simply email me the correct answer to this week’s Who Am I? question. Good luck: “It was on this date in 1995 that I released my first and best selling album. The first single off of that album is about how I was dumped for another woman, and the song was inspired by Dave Coulier (one of the dorks from Full House). I’m over it. I’ve had worse things happen like being called the Debbie Gibson of Canada, or losing in the first round of Star Search (1988). People think I am depressed because I’ve never had another album come close to selling what my first one did. But I’m at peace with that – you can tell by looking at my hand.”
Seriously, I can’t believe it’s not butter