MortgagesUndressed

Sorry, we live in Microsoft territory but these two back to back press releases seemed hypocritical to me.

First Bill Gates says: Bill Gates says West not supplying enough IT talent
November 07, 2006 01:46 PM ET

MOSCOW (Reuters) - A shortage of information technology graduates from Western universities is leading companies to call on developing countries to meet research demand, Microsoft chairman Bill Gates said on Tuesday. Full Article

Then Microsoft announces this: Same day, same RSS Feed: Film, TV downloads newly available via Xbox 360
November 07, 2006 04:54 PM ET

LOS ANGELES (Hollywood Reporter) - Microsoft Corp. will unlock the digital-distribution capabilities of its next-generation console, Xbox 360, to Hollywood studios beginning November 22. Full Article

One of the truly big problems with our youth is the XBox. Many of the kids of our generation grow up playing games and that is the bulk of it. We are sending them out to compete for IT jobs, and other real jobs not grown up yet. Even at age 20.

If they don’t grow up, how can they compete? They can’t. Certainly there are families that manage their home , but too many do not. Great teaching experiences like Boy Scouts Of America have far too few boys joining.

This has helped fuel the stupid phenomena of the Gambling as a profession craze. TV has made it glamerous. Heck if you can’t compete, gamble.

Some are creative and can go from games to inernet phenom. These are few. So the wealth in our country will get more divided. Those that are smart and those that grew up on Z Xbox.

Reverse the trend if you have kids at home. Do your job. Be a parent. Save your kids from being a child of 8 at age 20 and unable to compete with others for a decent career.

Larry Cragun.

My wife just wrote two articles on IssaquahUndressed.com I refer you to. Click Here then here. They are Thanksgiving in focus. Time for us all to be thankfull, I am.

TechCrunch writes about tenhunt.com: TenHunt is a timed internet scavenger hunt that sends users through sponsored links and on to other websites looking for topical information. It’s an interesting ad model emerging at a time when everyone is trying to find effective and reputable ways to drive consumer engagement with online brands. Scavenger hunts are as old as time but people are more familiar with navigating the web and more ad money is being spent online than ever before.

Why did you make that loan to an 80 year old woman? Why, because of the law. Discrimination is illegal. She wanted the home, she qualified, that is it.

As I was discussing this with the loan officer who made the loan, we reminisced the about things before the Equal Credit Opportunity Act.

How is this for a benefit? We used to have to ask woman who worked, and who’s income was needed to qualify, to submit a letter stating they would not be getting pregnant. Some lenders even then wouldn’t make the loan based on the wifes income.”

First of all I would like to say how proud I am of her. She is such a responsible person. When we got married I think it was a real act of faith for her. She the conservative babe and me the get up and go risk taker. So many men I know, like me, are just lucky ducks.

Here are the reasons her score is higer than mine.

1- She has more borrowing power than do I. By this I mean, she has some credit cards I don’t.

2- She has no balances on her cards, I have some balances.

3- She has had accounts open longer than do I.

4- My report shows several inquiries over the last few months, hers none. Dang those car dealers anyway.

5- She is female. I can’t prove it, but I think FICo gives 20 points for being female. After all they are more mature.

Have a happy score. Lar

And Don’t

Quit your job.

Buy a car.

File for divorce.

Move money from one account to another.

Neglect to pay your current mortgage payment.

Co sign for someone elses loan.

and Never, never, never
Cheer for the Yankees.

Rates are down and for some, believe it or not you may want to refi. Here is the easy test and a learning exercise. The test: How much can you lower your payments without paying any money to the lender and without adding to your mortgage.

Point #1: If you can lower your payments $50.00 per month or more you might want to do the refi. Just remember you reset your 30 year period this way. It is possibly worth it to you though.

Point #2: One learning experience - The lender can get a rebate to pay all of your closing costs. Taxes and insurance are not closing costs, you would have them even if you were to not borrow.

Point #3: Learning experience - If you pay for closing costs you should expect a lower rate of course.

point #4: Learning experience - Tricky Dicky loan officers like to slide past you they are raising your loan balance. I would think no one would let that get past them. Yet someone came to me a while back as he had been suckered into this trick. He ended up paying 4 points to a high pressure lender. He fell for it because he wanted some cash out and let his hunger for that clouded his judgement. He discovered they trickery at closing and still closed. He had committed to wife and self what the money was going for. It was a terrible decision. Consider if you are allowing a lender to collect 4 points in fees and rebates that you have joined the Santa Clause Club and the gift is going to the loan officer. You just bought his wife a new diamond ring a ding.

Sorry, this stuff really ticks me off. I couldn’t talk this guy out of this decision.

Back to point one, if you are willing to go through the effort, I say save the $50.00 per month every time you can.
Larry Cragun…..

January 1, 2007 is the date, Washington State joins the many states to implement this much needed law. An industry with too many flakes will come under more control. Also being enforced more rigidly is the requirement that if a loan officer works from their home, that location must become a legal branch of their mortgage broker. If your loan officer is pushing for a 2006 closing you might ask why. If a new line, why?

Don’t bug me on Saturday folks.

Pill bugs are actually closer related to lobsters and crabs than to centipedes and millipedes, and that centipedes and millipedes, despite looking so similar superficially, are actually not too closely related.

Description: somewhat flattened; resemble their terrestrial cousins: seven pairs of legs; color varies, usually gray, but sometimes brown: length less than 1 inch.

Reproduction: eggs are carried under the female’s abdomen until they hatch.

Food: characterized as scavengers, eating both dead and live plant and animal debris.

Scientific Name: Class: Crustacea Order: Isopodalem.

Pill Bugs get their name from the habit of rolling into a ball when bothered, protecting their soft underside. Most crustaceans, such as lobsters and crabs, live in or near water, so pill bugs are unusual dry-land crustaceans. However, they still require moist habitats because their delicate gill-like breathing organs must be kept moist. Pill bugs are found under logs, stones, and in damp basements, and they feed mostly on decaying vegetation, so obviously they are not going to bite you. Pill bugs are often called sow bugs, but specialists like to reserve the name sow bug for some species that look a little like pill bugs, but can’t roll into balls. Both pill bugs and sow bugs are sometimes known as woodlice.

I love this picture.

A recent conversation brought home this point. A borrower shopping for a good rate, received a quote for a very good rate. Too good perhaps. Over the phone a dollar amount for costs to get a refi was quoted. It was to cover appraisal costs, all the good stuff. Then, after deciding it was a good rate, the borrower hears a new twist. The loan officer says, “Oh that didn’t include points, it was just your closing costs.” LIAR LIAR LIAR.. Bait and switch perhaps.

To be sure, have the loan officer email you a good faith and Truth In Lending Statement. Then remember it was good only for that point in time. Always be suspicious of rates quoted over the phone.

This is the wrong way to get a loan.