In the words of the late singer, songwriter and uber-talented artist known as Prince, “let’s go crazy” is one of the ways you could describe our current local real estate market.

To celebrate his music and to bring awareness to similar crazy real estate market conditions of just 10 years ago, here is a fun mortgage-related spin on one of my favorite Prince songs.

Of course, there are a few exaggerations implied with my re-mix and a bit of irony as well.

For example, when Prince released this song in 1984, fixed-rate mortgages were some of the highest ever seen. Plus, Ronald Reagan became president of the United States that year, too.

“Dearly beloved loan applicants

We are gathered here today

To get through this thing called rapid-appreciation

Electric word rapid-appreciation

It means extraordinary, and it’s been going on for a mighty long time

But I’m here to tell you

There’s something else

The after-world

A world of never-ending low rates

You can always see rates in the 3 percents, day or night

So when you call up that lender in Beverly Hills

You know the one, Dr. Everything’ll Be Alright

Instead of asking him how much rapid-appreciation time is left

Ask him how much is it for closing costs, baby

‘Cause in this rapid-appreciation cycle

Things are much harder than in the after-world

In this rapid-appreciation cycle

You’re on your own

And if the appraiser tries to bring you down

Go crazy, find a better one

If you don’t like the world you’re living in

Take a look around you

At least you got neighbors

You see I called my Realtor

For a friendly word

She picked up the phone

Dropped it on the floor

(Ah, ah) is all I heard

Are we gonna let the appraiser

Bring us down

Oh, no let’s go!

Let’s go crazy

Let’s get cash-out

Let’s look for 100 percent appreciation growth

‘Til they put us in the truck, let’s go!

We’re all excited

But we don’t know why

Maybe it’s ‘cause

We’re all gonna cry

And when we do (When we do)

What’s it all for (What’s it all for)

You better live now

Before the foreclosure notice gets stuck to your door

Tell me, are we gonna let the appraiser bring us down

Oh, no let’s go!

Let’s go crazy

Let’s get cash-out

Look for 100 percent appreciation growth

‘Til they put us in the truck, let’s go!

C’mon baby

Let’s get cash-out

Yeah

Crazy

Let’s go crazy

Are we gonna let the appraiser bring us down

Oh, no let’s go!

Go crazy

I said let’s go crazy (Go crazy)

Let’s go, let’s go

Let’s go

Dr. Everything’ll Be Alright

Will make everything go wrong

Non-Hobby farms and exploding ARMs will sound the alarms

Hang tough homeowners

It’s coming

It’s coming

Coming

Don’t let it take you away!”

Chris Salese can be reached at chris@delsurmortgage.com or 707-363-4439. He is a licensed California mortgage banker (NMLS 254469/1850 CA BRE 01377933/01215943) and equal housing lender.

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