The life and death of rock stars and interest only loans
June 16, 2010
Working Quote of the day: “Do what you love. When you love your work, you become the best worker in the world.” – Uri Geller
Hungry Like the ARMS: In the early 80s, Duran-Duran played a concert in front of a hundred-thousand people in London. I read that last month they played in front of 500 people at the Ho Chunk Casino. I believe interest-only ARMS are the Duran-Duran of the loan world. In 2003 I couldn’t churn these out fast enough; everybody wanted one. I don’t get requests for these now, and when I do there’s not much to choose from because most banks have stopped offering them. Maybe principal and interest ARMS aren’t too far behind? That’s up to the banks because they are still in hot demand. While I still think it’s an excellent idea to get an ARM if you are certain you will be in the property a short period of time, there’s nothing like the security of a 30-year fixed (the Rolling Stones of the loan world).
Interest Rates: In 1987, my friend Ponch and I decided we were not going to study for finals. We watched movies, ate pizza, didn’t shave, and played endless Nerf hoop games for 4 straight days. Then reality set in, and in a panic we crammed for the exams. The party had ended. One day, Mortgage Fans, the party will end for these low rates. For the third week in a row, the 30-year fixed rates are sub 5% and the 5-year ARM about a point lower. If you are contemplating buying or refinancing a home, the time to do it is now… Don’t forget to tell your friends and family that any loan over 240k I will do for free.
Working Quote of the Day 2: “Employee of the month is a good example of how somebody can be both a winner and a loser at the same time.” – Demetri Martin
Timeout for Trivia: Congrats to all of you last week who correctly guessed Michael J Fox. Want to be entered into a drawing to win cool stuff (this week’s prize: Silly Putty)? Simply email me the answer to this week’s Who Am I? question. Good luck: “I turn 58 on Sunday. At Missouri State University I played football and studied acting (Kathleen Turner was in my class) and then moved to New York in ’75 to further my acting career. Thirteen years later I landed a role on a sitcom with a comedian who will never again be invited to sing a patriotic song. The writer of this question loved my ’89 movie with Pacino but absolutely hated my movie where I played a cartoon character.”