Fannie, Freddie, and Frank & Beans
Inspirational Quote of the Day
“The best way to make your dreams come true is to wake up.” – Paul Valery
Want to keep your credit scores high? Don’t max out your credit cards. If you have 3 cards all with 10k limits and two are at a zero balance and the third one is maxed at 10k, this will bring your scores down. However, if you had 3k on each card the scores would not go down; this is because you would be showing that you are using less than half of your credit limit on each card.
Incredible that rates go up the same week I gained 4 pounds – could there be some magical correlation? Rates are at 5.375% for a 30yr fixed. I will do my best to diet this week in hopes it will sway the rate gods to correct what they did to us last week. As usual, just use this as a ballpark. Rates can fluctuate based on credit scores and equity in the home, what type of home, etc.
Inspirational Quote #2
“Is it the frank, or the beans?” – Mary’s Dad (There’s Something about Mary – 1998).
Did’ja Know 2
A reminder that Fannie Mae and Freddie Mac want at least 70% of new construction condos (and condo conversions) under contract or closed in order to lend on them. I still have one bank out of my 312 banks that will lend even if your client is the first one to close (or anyone else when it’s less than 70% sold).
Congratulations to all of you who guessed last week’s answer, my ex-girlfriend Angelina Jolie. (‘ex’ only because of a silly little restraining order). Okay, guess today’s trivia right and win a $5.00 Starbucks gift card. Just email me or call me with the answer. Who am I: “I turn 44 today. While most models start their careers in their teens, I got my first big break in 1995 at the age of 29 when Estee Lauder made me a spokesmodel. That was the highlight of 1995. The lowlight was when my boyfriend cheated on me. I mean, I’m beautiful. I’m sure I’m not the only one who asked him what the hell was he thinking?”