Sunday, September 20, 2020

I take on Rocket Mortgage's Weird Non-Sequitur

 Original Commercial here:

"When it comes to buying a house, THEY say 'Cash is king.'  But you're a queen, and that's just as powerful."

My brain just broke, and it's leaking all over the floor.  

Whoever "they" who are saying "cash is king" are, I'm pretty sure what they mean is that it's always preferable to pay cash for a purchase whenever necessary because that eliminates the issue of Interest.  In other words, it's the cheapest way to buy anything, be it a loaf of bread or a house.  When it comes to the latter, it means that you should save as much cash as you can so that you can borrow as little as possible.  Whatever you borrow is going to come with SOME interest payment.  

This isn't complicated, and it isn't Sexist because the phrase is "Cash is king," not "Cash is queen."  I mean, please.

"But you're a queen, and that's just as powerful..." I seriously have no idea what this means.  All that stuff I just said about paying cash is equally applicable regardless of the sex of the person making the purchase.  I mean, this is an ad for Rocket Mortgage, so it makes sense that it would sneer at the idea of paying cash.  But is it actually encouraging us to ignore the blatantly obvious truth in the term "cash is king" merely because some invisible "they" are insisting on it's accuracy?  Is Rocket Mortgage actually arguing that paying cash is NOT preferable to taking out a loan with Rocket Mortgage?  Is Rocket Mortgage offering zero percent interest on home loans?  Because if it isn't, well-- I'm sorry, but that old chestnut still applies here in Real Life.  If you can afford to pay cash, you immediately saving money by doing just that.   

BTW, Rocket Mortgage sure gets a lot out of it's "instant pre-approval" promise.  Pre-Approval is pretty much a meaningless joke in the loan industry- it just means that they ran your name and SS number and no massive red flags immediately jumped into their faces.  I'm guessing that more than 99 percent of people who contact Rocket Mortgage- or any other lender- gets a "Pre-Approval" in about three and a half minutes.  It means nothing, and is followed by an actual, detailed credit check which reveals that you are a good risk or a poor one, and whether you are going to get a low-interest loan, a high-interest loan, or no loan at all.  These ads make it look like you can just decide you want to buy a house and have the loan money in your account within seconds, which is just nonsense.  What you can do is get an instant "Pre-Approved" message on your phone that makes you feel like you are suddenly much more credit-worthy that even you thought you were.    Might even make you feel like a Queen- for a few days, anyway. 


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    1. thanks for the commercial. I have a good job, a FICA score of 816, and could buy a house tomorrow if I wanted to. In other words, I'm not in the market for mortgage "advice." My credit union tries to interest me in buying a house every time I walk in the door.