CREDIT INQUIRIES AND CREDIT (45 DAYS)
Borrowers can have an unlimited number of credit inquiries from mortgage lenders over a 45-day period, and the credit scoring models will treat it as a single inquiry.
This is an extremely important reminder for our many borrowers who are very concerned about their credit scores.
HOA DUES AFFECT PURCHASE POWER
HOA dues can significantly offset purchasing power, as I remind readers in this blog.
RULE OF THUMB: $100 of HOA dues offsets about $20,000 of purchasing power.
A $400,000 condo with $500 of HOA dues = a $500,000 single-family residence.
IN-LAW/ADU SQUARE FOOTAGE NOT PART OF MAIN HOUSE IF DETACHED
A detached in-law unit that is not directly accessible from the main house cannot be included in the main house square footage estimate for appraisal purposes, as I discuss in this blog – Valuing An In-Law Unit.
A 2,000 square foot house with a 1,000 square foot detached in-law unit must be compared to other 2,000 square foot homes, as opposed to other 3,000 square foot homes (so appraisals of in-law properties are sometimes disappointing).
THINGS I LEARNED FROM BOOMERS
Heejin and I recently spent a month in Scottsdale where I worked out in a gym every day with a bunch of retired B-list celebrity Boomers (none of whom I recognized) and learned so much I had to blog about it.
Here is what I learned:
- Ferraris have to be backed into parking spots. Apparently, if you buy a brand new $350,000 Ferrari, you have to back it into the parking space in front of the gym. I watched the owner do so every day, and it took him 5 minutes even though the parking lot was empty. I guess he had to do so in case the “Bat Phone” rang and he had to run out and save somebody in a huge hurry. Anyway, I had no idea that Ferraris had to be parked that way.
- If you can afford a Ferrari, you can drive a Ferrari. I told the above Ferrari story to a friend who is a racing enthusiast, and she told me about the time she was at a track getting lessons when a Boomer showed up in his brand new top of the line ($500,000) Ferrari. He totaled it on his first lap. He was fine, so yes, it is OK to laugh.
- If you spike your hair like Billy Idol, you don’t notice hair plugs. It must have been the desert air, but there were two gym members with hair plugs that clearly went awry. And both of them spiked their hair just like Billy Idol did in 1982. And, given that I have no hair, I relish the opportunity to make fun of them.
- You look really cool if you are old and you spike your hair like Billy Idol did in 1982. Or not.
- You look really cool if you loudly sing with Bon Jovi on the radio. I don’t even like Bon Jovi when Bon Jovi sings Bon Jovi, so you can imagine my alarm when I hear a Boomer belting out…”I’m a cowboy…on a steel horse I ride…” Even though he was a pretty good singer (retired B-list rock star I didn’t recognize), it was still alarming. And what’s with the music anyway? Doesn’t everyone know that Econ Talk Podcasts are way better for workouts?
- Everyone looks good in tight dry-fit workout clothes. Or not. I think they should pass laws in regard to allowable Boomer workout clothes.
As a certified Boomer, I again claim the right to make fun of Boomers. 😊
Happy Friday!
Jay Voorhees
Founder/Broker | JVM Lending
(855) 855-4491 | DRE# 1197176, NMLS# 310167
