Wednesday, January 21, 2015

2015 Mortgage Interest Rates Creating Huge Increase in New Applications

Some Who Bought a House in 2013 Can Benefit by Refinancing Now

Could you, should you refinance your current mortgage to take advantage of the amazing low rates that we are seeing in early 2015? Maybe, maybe not. How can you find out if that makes sense or not?  Call a professional mortgage broker who will be only too happy to explain the benefits, or to clearly let you know there is no big savings in your situation. That broker would be Bill Rayman at 424-354-5325

Should you buy a house or income property right now because interest rates are so low? Maybe, Maybe not!  In the video below, Bill explains why low rates alone shouldn't be the driving determinant. However, if you are serious about buying a home or income property, crazy low mortage interest rates and changes in FHA restrictions and rates could make your monthly payments significantly lower.  Call Bill to discuss your options.

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Monday, January 19, 2015

How to Get a Mortgage One Day After Bankrupcy, Foreclosure, or Short Sale

Special Mortgages for Special Circumstances 

Bill Rayman explains how it is possible to get a mortgage even if your bankruptcy was finalized yesterday. Not everyone will qualify, but if it can be done, Bill can get it done.  Call him now for help with any special circumstance mortgage. He is an expert at finding markets that banks and other lenders are not able to access.  424-354-5325

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025

Friday, January 9, 2015

FHA Becomes Competitive with PMI as Obama Okays Drop in Rates


FHA Fee Drop Will Make Homes More Affordable

ABC News Reports on the changing FHA fee structure as follows:

First-time homebuyers whose home loans are guaranteed by the Federal Housing Administration would benefit from an Obama administration move to lower mortgage insurance premiums.
Under the plan, the housing administration will reduce annual mortgage insurance premiums by 0.5 percent, to .085 percent. The White House says the reduction means new home buyers would pay $900 less a year than they would without the change.
The White House on Wednesday announced the reduction, which will be a centerpiece of President Barack Obama's trip to Phoenix Thursday.
Current homeowners who refinance into an FHA mortgage would also benefit from the change.
Even with the reduction, the new 0.85 percent premium is higher than historic norms. The rate was increased to raise FHA capital reserves which took a hit during the housing crisis.
Meanwhile the private mortgage insurance folks have been undercutting FHA with rates averaging between .5% and 1%. There are other advantages to PMI that sometimes makes it more advantageous to get the private insurance when you qualify.

Check with Bill Rayman about FHA, VA, and PMI when you have less than 20% down. Bill will provide you with clarity about which approach will work best for your specific situation.

Call 424-354-5325

Thursday, January 8, 2015

Mortgages Drop Near Record Lows

What Is A Mortgage Rate? 

A mortgage rate is the interest rate on your home loan. There are many factors that go into deciding what your interest rate will be when securing a mortgage including inflation, the Federal Reserve, the yield on the 10 year treasury note, your credit score and the mortgage company’s specific fees.

How is the Interest Rate Different from the Annual Percentage Rate (APR)?

The interest rate is the rate on the loan itself and does not take into account closing costs. The APR is the interest rate with the closing costs or closing credits accounted in it. The APR provides a more “apple-to-apples” comparison across loans, as long as the same types of costs are included in each home loan.

Why Guaranteed Rate? 

Guaranteed Rate was founded on the idea of making the mortgage process easier while bringing savings to home buyers from application to closing. We really pride ourselves on bringing low mortgage rates and low fees to our customers – after all, the less you spend on your mortgage, the more you can spend on other important things in your life.

By simplifying the mortgage process, we’ve been able to find ways to keep the mortgage rates we offer lower than our competitors. And we’re so sure about our low rates that not only do we post a live comparison of our mortgage rates versus our competitors – we even named our company after it.

If you are ready to get the ball rolling on your property purchase, call Bill Rayman to discuss your situation in detail. Bill is a seasoned mortgage counselor who can show you the options that are open to you. He'll explain that the lowest interest rate may not always be the wisest deal overall. Call right now at  424-354-5325 and ask for Bill.

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Tuesday, December 23, 2014

Preparing Your House For Sale Could Add 10% to Selling Price

Small things you change about your house can make a big difference in selling price

There are many myths about house preparation prior to sale. Major overhauls of your kitchen or bathroom will not likely generate enough additional dollars in the sale to pay for the renovations. On the other hand, small fixes like painting shabby cupboards could make a difference. 

Real estate legend Barbara Corcoran walks us through the do's and don'ts of preparing your home for sale. 

Saturday, December 6, 2014

Los Angeles Mortgage Rates Drop to 18 Month Lows

Is this the last chance to get in on these historic low mortgage interest rates?

Freddie Mac: 30-year mortgage falls to 3.89%, lowest since May 2013 - Los Angeles Times

MortgagesFreddie MacFannie Mae
Freddie Mac's latest report shows 30-year mortgage rate at lowest point since May 2013
Mortgage bankers made less profit per loan in third quarter; 30-year rate falls to lowest point in 18 months
Home-loan rates fall across the board; Freddie Mac pegs average for 30-year at 3.89%, an 18-month low
The average rate for a 30-year fixed mortgage fell this week to 3.89%, an 18-month low, from 3.97% last week, according to Freddie Mac's survey of lenders.
 What does this mean for you? The last time rates dipped below 4%, they dropped to a low of 3.35 for a month or so, but were generally around 3.5 - 3.7 for a 18 months.  The current dip into this rarefied air seems to be driven by the slowdown in economies around the world and the likelihood that these nations will be attempting to prop up their economies. 

Will we get another 18 months for under 4% rates? Will we ever get down to 3.5% again? Our own Fed is expected to raise interest rates in the Spring. Will their effort actually result in increases in the marketplace or will international problems keep rates low? Stay tuned for answers to those questions.

However, if you are thinking that you would ever like to buy or own, this is probably an outstanding time. You are seeing interest rates at less than 500 basis points from all time lows. You are seeing home prices slightly lower than the tops of last March. Home prices could continue to fall. Interest rates could continue to drop. But both seem naturally to be headed higher.

If you would like to find out how much home you can afford right now, or have us find out if we can get you prequalified, call for a no cost - no obligation evaluation. Bill Rayman is a mortgage counselor. He is going to advise you on the smartest way to work towards achieving the goals you have for your property purchase or refinance.  Call now at 424-354-5325

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Monday, November 24, 2014

Thanksgiving is my favorite holiday. Hands down. Bar none.



I'm so thankful for Thanksgiving

Sure, it doesn’t offer the loot from Christmas/Hanukah, the fireworks on the Fourth of July, or the New Year’s Eve party (a personal toughie since it’s my birthday).   What it does give me is a 4 day holiday – a boon engrained from every school year from kindergarten through 20th grade.  Learning wasn’t restricted to math, social studies and French; I learned right away that once a year a Friday becomes a Saturday.  “School’s closed” shares honors with its subsets “snow day” and “summer vacation” as my most cherished 2-word phrases.
The gift of an extra Saturday is so much better than a winter respite of just a 3-day weekend pass from President’s Day or Memorial  Day.  And don’t get me started on how nice the extra hour of sleep is for daylight savings because they it take back 6 months later.*  Now, slip me an extra hour of sleep every weekend and then maybe DST could give TG a contest. 
Being idle on Friday was built into my belief system.  Even now as an adult I believe we should all have the day off.  (Editor’s note: Please do not tell my staff I wrote that!)   But it’s not just the day off that lets me celebrate it as a kid’s holiday.  I love that my only obligation is to over-consume. This is perfect because Gluttony and Sloth are two of my favorite 7 sins.  Actually, my other 5 have their own holiday milieus: Greed and Envy rule at Christmas, Wrath and Pride duke it out at New Year’s over year-end bonuses (the report card for adults), while Lust is powerful enough to claim Valentine’s Day for itself.
To eat and collapse, that’s my ticket.  And there are cornucopias a-plenty.  My first year in Los Angeles I was invited to 5 Thanksgiving dinners – and didn’t miss a leg, a wing, a haunch, a slab, a cut of anything that flew or walked.  And true to my inner kid’s delight, Thanksgiving meals are without vegetables - at least not in their naked form.  Carrots are a cake, zucchini is a bread, sweet potatoes come coated with melted marshmallows, pumpkin only exists as pie, spinach is heavy creamed, corn has so much butter it’s “corn Kiev”, and anything else green is submerged under so much gravy I consider it a beverage. 
“Carbohydrates?” I hear you say?  Biscuits, muffins, rolls, popovers – I eat my daily bread hourly.  And passing on stuffing (aka: more bread!) is plain bad manners.  Have some bread and stuffing leftover?  Try a stuffing sandwich with gravy.  You’ll never go back to Hamburger Helper. 
And on to dessert.  The Halloween sugar binge was a dinky warm up lap to the sweet Thanksgiving marathon.  Pies, cakes, cookies, nuts, puddings, syrups, ice cream (sorbets are banned for the weekend!), caramel, chocolate Turkeys, whipped cream…  Yum!.  Plus I wash it all down with ciders, beers, wines, and all sorts of free-flowing alcohol, for which I cite Tiny Tim: “God Bless, Uber, everyone.“
So this Thanksgiving, when I recall what I’m grateful for, I will give thanks to our Pilgrim forebears who did mimic bears and packed on as much fat as fast as possible in anticipation of winter.   So, bring me my mead - and have a wonderful, wonderful Thanksgiving!

*I’d call that “Indian giving” but that’s especially weird on Thanksgiving when Native Americans saved the lives of the Pilgrims.