Food Quote of the Day:“Five years after the Financial Meltdown, isn’t it time to recognize that ‘The Financial Meltdown’ would be an amazing name for a sandwich?”- Stephen Colbert (@StephenAtHome)
After some serious all-night negotiations I worked it out so that this blog will still go on during the government shutdown (sometimes I like to pretend I am important, just roll with it, Mortgage Fans). But this whole mess can stop loans from closing. As a fraud check, all banks and brokers send IRS form 4506 to the IRS to verify that W2s and tax returns clients turn into the underwriter are the same ones that they submitted for their taxes. Some banks will bend for W2 borrowers but for self-employed people the American dream will not go on until the American nightmare is resolved.
Interest rates are down though! 30-yr fixed remain in the low-to-mid 4s with ARM rates about a point lower. As usual, for any purchase or refinance loan over $240k I will waive all lender fees – a $1,295 savings!
Wuss’up This Week: Every day reports are released that inform us how the economy is doing (new home sales, employment, consumer confidence, etc.), and it’s these reports that can sway interest rates in either direction. Most of these reports are released by the government which means… we won’t see many reports this week (read: rates should stay relatively calm while the government fakes like they are trying to fix the shutdown).
In the meantime, I found this “Where Are They Now” segment for one of the greatest Saturday morning shows of all time.
Interest rates took a little dip over the last week with 30-yr fixed now in the low-to-mid 4s, and ARM rates about a point lower.
Food Quote of the Day:“I ate a gluten-free lactose-free low carb pizza for dinner tonight. (it was a raw tomato)” – Samir Mezrahi (@Samir)
Timeout for Trivia: Congrats to those who guessed Sting last week. Want to be entered into a drawing to win a hedgehog T-shirt? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “It was on this day in 2004 that I was sued by a travel agency that claimed I owed them $50k. “Where’s the love,” I ask them, to which they reply, “Flying all over the world.” Hey, I’ve never been in a financial hole, so to speak. In a 1996 flick I was married to a guy who got shot and ended up paralyzed. In real life I was married to a guy who shot and killed himself in 1994.”