Friday, December 30, 2011

Need Advice? Mortgage Loan Consultant Helps with Home Loan Mortgage FAQs

A huge part of my business is advising folks for free about the decision process related to getting a mortgage on their home, business property, or investment properties.  Please feel free to call me anytime to discuss your needs or just walk through options regarding refinancing, a new mortgage, fha mortgages, down payments, or any other aspect of the process.  There is no cost or obligation associated with my providing you consulting. 

If you are a real estate professional such as a real estate agent or broker, property manager, investment manager, I am here to help you be more successful at working with your clients.  Similarly, CPA's and Estate Lawyers commonly find my services helpful.
Call Me Today!!

Wednesday, December 28, 2011

Mortgage Cash Requirements For Getting A Home Loan

When you are buying a house, business property, second home, or residential investment property, you need an outstanding mortgage broker who has access to multiple markets for your loan.  The cash you need to complete a transaction depends on the lending institution and many other factors.  We can help you through the details and find the right loan for your needs.  

This video explains many of the issues.  If you need more, call me for a free consult at 310-295-2900 ext 113

Thursday, December 22, 2011

Lowest Mortgage Rates Ever - What Should You Do?

By: DEREK KRAVITZ is the AP Business Writer.  He posted an article today outlining a Guide to Mortgage Refinancing that spoke to the current circumstances of record low rates.  Here is a summation:  See the enitre article here.

Rates are lowest ever: 3.91 percent for a 30-year home loan and 3.21 for a 15-year loan.
Rates have been around 4.0 percent for 8 weeks
Low Rates and low housing prices create a perfect storm for buying.
However, refinancing is not increasing.  This is due to
  • lack of home equity 
  • low credit scores
  • no cash to refinance or buy. 
Why should you refinance if you can? If you rate is over 4.5, you can save money.  If it is over 5%, you can save a lot of money.

What are the consequences of refinancing
You pay less interest on their loans and thus end up with more money to spend, save or invest.  A homeowner with a $200,000 mortgage at 6 percent who refinances down to 4.5 percent, saves $3,000 a year.

Read more at the Washington Examiner:

Home Mortgage Rates and Home Refinance Rates Hit Record Lows in Los Angeles

How low will they go.  Not much lower, but the upside potential on home mortgage rates in Los Angeles is huge.  First let's look at a 5 year chart so you can get some perspective on how low rates ar now. 

Then let's look at the 6 month chart to see the unbelievable short term fall in mortgage rates this year!

Now, any smart statistician will tell you that when you see this kind of drop, there is far more upside potential than down.  To be clear, there are some who say that if the Fed does another huge stimulus, we could see some additional downside.  However, going back to 4.5% or even 5% is far more statistically likely than a drop to 3.5%. 

As of a little while ago on December 22, 2011, the quoted national average rates were these.

For up to the minute quotes, give me, Bill Rayman, a call at 310-295-2900 ext 113

Wednesday, December 7, 2011

Major Change in Mortgage Loans: Banks Offer Stated Income Loans Again

What is a Stated Income loan? What does it take to qualify for a Stated Income loan? How does a Stated Income Loan Compare to a Full Documentation loan?
Who is most likely to need a State Income loan?

Recently, I have found a few banks who are venturing into the Stated Income market again. Overall, the loan market is still very tight even as interest rates remain at historical lows. My ability to find banks with special rates, products, or underwriting requirements is one of the features that distinguishes my mortgage brokerage. Here is the scoop on Stated Income loans.

When you apply for a home loan, especially in the current mortgage environment, most banks require you to provide full documentation of your income. You provide W-2 income statements and pay stubs from any payroll employment, 1099's from any income derived from contract work, tax returns and bank statements. All of this provides the lender with proof of your income.

In contrast, a Stated Income loan allows a borrower to qualify based on the income a borrower states on the application form that he or she earns. With a Stated Income loan, the lender does not verify the income. No tax returns, no pay stubs, no bank deposits, no W-2's or 1099's are required.

Stated Income loans are designed for the many borrowers who have the income to afford a mortgage and who have acceptable credit, but who don't meet traditional underwriting standards - called full documentation or "full-doc" loan - which requires them to prove that the income they claim was actually earned in each of the two prior years.

Self-employed borrowers usually have the most trouble meeting this requirement, and Stated Income loans were originally designed for them.  But many applicants with incomes from salaries also have trouble meeting the full-doc requirements. For example, their income might incorporate an increase in salary which is not reflected in documents covering prior periods.

Stated Income loans are popular with many people. Here are some of the borrowers who may consider getting a Stated Income loan:
✓              Self-employed people who own a small business
✓              Highly commissioned people who may have a low base salary but make most of their income on commission
✓              People who can't document at least 2 years of income at their current income levels
✓              People who make plenty of money but don't want to disclose their income

Lenders do try to determine the reasonableness of the amount of income stated and generally employ three methods to do so.  1) They consider a borrower's liquid assets - which must be verified - as a way to "authenticate" the amount of income stated.  If a borrower says they make $X per month, the lender expects to see at least 12 times X in the bank.  2) Another test is that the income stated must be consistent with incomes earned in the type of business or line of work in which the applicant is involved.  3) Lenders often require a self-employed borrower to prove they've been self-employed in the same business for two years as verified by a CPA letter or business license.

Be aware that some lenders require that the stated income borrower execute an IRS Form 4506-T which authorizes the lender to request IRS verification of the figures in the borrower's tax returns. Lenders don't ordinarily check the returns, but the possibility that they might is an inducement to report income truthfully.

As a mortgage broker I actively seek out all the possible methods for getting you the perfect loan to meet your needs. I have identified at least four lenders who are currently offering Stated Income mortgages. If you fit into this category or have a friend who does, please give me a call. There is no cost or obligation for the consultation.

Oh, For the Love of Cat

Every month I will try to outdo the previous month with a great cat
 video! Please send me your favorite (from the Internet or homemade) for consideration. 

Click Here To View!

Cheerio, Matey!

My earliest exposure to it was innocent enough.   I was young. An adult offered me some with sugar-coated words. "Try it. You'll like it." And it was free! Who wouldn't pop the proffered goody into their mouth? It was a little bland at first, no "nose" to speak of, but it had a pleasant chewiness. Even better, it became sweeter the longer it remained on my tongue. You know the rest: no sooner had I swallowed it down then my eager fist reached out for more. I've been using the stuff ever since. You probably know it by its street name: Cheerios.

Hi. My name is Bill and I love cold cereal.   I didn't know Cheerios was a gateway cereal. More than 70% of adults who eat cold cereal started with Cheerios. This is not something the folks at General Mills will talk about (especially after their recent run in with the FDA who wanted to declare Cheerios an "unapproved new drug" because of its health claims.) In hindsight, my path to ever more types of cereal was entirely predictable. From Cheerios, I turned to harder stuff, like Grape Nuts, and to those with hypnotically alluring names (Quisp, Chocolate Chip Cookie Crunch, Bananellos), a path made smoother by the many 'friends" who ushered me in, personalities so familiar you know them by just their first name: Cap'n, Tony, or Crackle (the middle child, just like me!)

My early infatuation blossomed through the years. I've tried them all. There are so many that I regard cereal like a biological taxonomy. Under the Phylum, "Food", I subdivide the supermarket aisle into Families based on a cereal's construction: Flake, Puffed, Crunch (Hollow and Solid), Shredded. Their Genus is their particular building blocks, a cereal's DNA as it were: Wheat v Oat v Rice v Corn v Bran. There's a type I call Novelty because I'm really unsure just what they are made of. French Toast or S'Mores, anyone?

They become Species from their diverse additives: nuts, fruit, marshmallow, chocolate, vanilla, maple etc. Finally, the peculiar experience from eating each parses them into individual Breeds: Milk Absorbent vs. Floater? Chewy vs. Sticky? Sugared vs. Well,-Not-Quite-As-Much-Sugar? Sorry, but the confines of this article prohibit exhibiting the full cold cereal pyramid.

Much as I enjoy contemplating cereal, let's face it, it's all about eating the stuff. I like to mix. The dozen varieties that rotate in my cabinet always contain a cross-section of Breeds. No bowl ever has less than five components and how they are layered can make all the difference. Fiber, crunch, bran, flake, novelty works better than bran, novelty, crunch, fiber, flake. Trust me. Flakes on top can splatter the milk. Putting chocolate on the bottom is a dud because it just lays there, aloof and inert. Always, a soupcon of Novelty on top is the butter on the steak; it makes the eating enchanting.

 Keep in the mind, the right mix also depends on when you're eating. Late at night I stress Puffed and Hollows. They take up space in the bowl without adding density.

Here are some cold Cereals I'd like or expect to see in the near future:

  • Bourbon flavored, with the pieces die-cut to look like NY Taxis
  • Bacon Bits sounds awful, but so does steamed foie gras and prairie oysters
  • Really really cold cereal, kept in the freezer, packed and eaten in cups
  • Flavor changing cereal, like some chewing gum
  • Chewing gum cereal
  • Pre-Milked cereal. Milk is embedded yet the cereal is dry to the touch. Great for travelers.

Will any of the above hook the next generation of children? Don't know. But for sure, I want some of them to keep at it so they can tell me why I used to love Trix and hate Froot Loops, but feel the opposite now. What changed: the cereal or me?

Wednesday, August 24, 2011

Do I need Twenty Percent Down to Buy a Property? Bill Rayman explains.

Bill Rayman at Mortgage Capital explains the pros and cons of putting twenty percent down on a home purchase and how it could save you money. He can guide you through the confusion to a decision that is right for you and your family.

Monday, August 22, 2011

Do Credit Score Inquiries Demolish Your Good Credit? Bill Rayman explains.

Bill Rayman at Mortgage Capital explains why checking your credit is an important part of securing a loan and why you shouldn't worry about it harming your good credit. He can guide you through the confusion to a decision that is right for you and your family.

Saturday, August 20, 2011

Impounds. Will they save you money? Bill Rayman explains.

Bill Rayman at Mortgage Capital explains the advantages and disadvantages of impounding your property taxes and your property insurance. He tells us how to save money when it comes to impounds and how the banks make their money. He can guide you through the confusion to a decision that is right for you and your family.

Thursday, August 18, 2011

Non US Citizens CAN get home loans! Bill Rayman explains.

Bill Rayman at Mortgage Capital explains how foreign nationals and non-permanent residents can obtain home loans for primary homes, second homes and investment property. He can guide you through the confusion to a decision that is right for you and your family.

Tuesday, August 16, 2011

Mortgage Term PITI -- Principal, Interest, Taxes and Insurance!

Bill Rayman at Mortgage Capital explains that the mortgage term PITI -- Principal Interest, Taxes and Insurance comprise part of the formula to determine your debt-to-income ratio and how the banks use this number to determine how much money in reserves you must have after the home buying transaction is completed. He can guide you through the confusion to a decision that is right for you and your family.

If you need a Mortgage Broker to help you with buying a home, business property, vacation place, or residential investment property, please call me at 310-295-2900 ext 113.  I can handle your mortgage in Los Angeles, California, or in many other states.

Sunday, August 14, 2011

Buying a Home? Selling a Home? Do I need a Realtor? Bill Rayman explains.

Bill Rayman at Mortgage Capital explains why he believes that you should use a realtor when purchasing a home. He works with many different realtors who represent different locations throughout Southern California. He can guide you through the confusion to a decision that is right for you and your family.

Friday, August 12, 2011

Bill Rayman Explains How Bankruptcy and Foreclosure Doesn't Mean You Can't Ever Get A Home Loan

Bill explains how having a bankruptcy or foreclosure does not stop you from getting a home loan forever.

Saturday, August 6, 2011

Thursday, August 4, 2011

What Is The Waiting Period on My Home Loan in California

Let Bill answer all of your questions and teach you all you need to know about home mortgages. In this installment, Bill explains the waiting period to close a home loan.

Tuesday, August 2, 2011

Bill Rayman Explains "APR" and the "Note Rate"

In this installment, Bill explains the difference between the "APR" and the "Note Rate."

Saturday, July 30, 2011

Bill Rayman Explains Why A Home Loan Cannot Close Within An LLC

Let Bill answer all of your questions and teach you all you need to know about home mortgages. In this installment, Bill explains why a home loan cannot close within an LLC

Thursday, July 28, 2011

Tuesday, July 26, 2011

Sunday, July 24, 2011

Bill Rayman with Mortgage Capital Partners Explains: Points.

Bill explains and discusses "Points" (percentage points of a loan) and their application in the home mortgage industry.

Friday, July 22, 2011

Monday, April 4, 2011

SATURNALIA, everyone?

If the number of quotes people cite reflects an author's stature in our lives, Shakespeare is in a 3-way battle for top honors with the Bible and Woody Allen.  For every "To thine own self be true," and "The meek shall inherit the earth," there's a "I'd never join a country club that would allow a person like me to become a member."  Allen voiced one of my favorites in "Take the Money and Run." His 12-year old avatar, already over-flowing with angst, bemoans to a psychologist the futility of doing homework.
Woody, "What's the point? The world is going to end."
Psychologist, "In 5 billion years!"
Woody, "See!"

Ok, so the sun is expected to go nova in 5,000,002,011 AD.  I suspect it will be on a Saturday which besides destroying the planet will ruin a perfectly good weekend.  True to Woody's spirit, if the sun's upcoming incineration excuses my not finishing my college thesis, my high school calculus homework, my junior high school French project, or my elementary school report on the Civil War strategies, then really, how bad can it be?

See!  Nothing is all bad. (Excepting the reviews of Julie Taymor's "Spiderman.")  In fact, when it comes to the universe, nothing is, well, nothing.  Everything connects to and is paired with its opposing twin: creation/destruction, matter/anti-matter, expansion/contraction, positive/negative. To cite Sinatra in the song, "Love and Marriage": "You can't have one without the other." 

So a nova obliterating a solar system isn't all bad.  It forms a black hole, births a new galaxy and creates conditions for life.  Joni Mitchell nailed it when she sang, "We are stardust." 

They sky is an unbounded picture window on the most primordial and powerful forces.  Sure, no one likes a meteor crash - just ask any dinosaur - but to watch the Perseids meteor shower each August is to witness remnants from the beginnings of our solar system and, with a little imaginative extrapolation, the origin of the universe. 

A screen writing mantra is "Show, don't tell."  Since I can't say enough about the mind-bending sights in the universe, I offer the most exquisite object in our heavens: Saturn. 

Saturn accounts for one of the most thrilling moments in my lifetime. In 1985, mucking about with a small telescope, I chanced upon the planet, framed with its vibrant rings, dead center in the eyepiece.  In my eyepiece, the majestic and I paired for that moment.

I'm sure many of you are fascinated by Saturn.  If you are, I have a treat for you.  For those who aren't, let me invite you into my world.  See why I am so passionate in this video, literally out of this world.  I think it may prove as wondrous to you as it is to me even after my 20th viewing.

The Cassini spacecraft, launched in 1997, entered Saturn's orbit in 2004.  Recently NASA/JPL condensed several thousand images into a 2 minute movie.  Watch it at:  You arrive at Saturn, glide through the rings, then slip past the moons.  No computer simulations or animation.  Real light.  Real color.  Real, Real, REAL!

And if that doesn't get you to like Saturn, how about because it's named after the Titan who stands for bacchanalia, festivals, parties, revelry and orgies.  Really, how bad can it be?

The last word on space belongs to Woody. "According to modern astronomers, space is finite.  This is a very comforting thought - particularly for people who can never remember where they have left things." 

And the last word on my writing also belongs to Woody.  "God is silent.  Now if only man would shut up."


Tuesday, February 15, 2011

The Government Doesn't Control the Interest Rate. Find out more!

Bill Rayman offers practical insights that debunk common misconceptions regarding the mortgage market. He can help you navigate this difficult financial environment and come out ahead. Call Bill at Mortgage Capital Partners and get the help you need to succeed in today's market! 310-295-6213

Wednesday, February 2, 2011

Predicting the Bottom for Mortgage Interest Rates

There is a famous attitude among professional investors.  It is impossible to buy at the very bottom or sell at the very top.  Those who base their investment strategy on such a goal are pretty well doomed to miss opportunities that present themselves near bottoms and tops.  
This would certainly be the case in point with regard to buying a home or refinancing and existing mortgage in the current market.  Locking in your loan at the very bottom is not likely, but ending up with a rate that will be the envy of all your friends and family three years from now is a no brainer.

With help from a professional mortgage professional, you can use locking provisions to guarantee these historic low rates.  We can lock in the loan 15 days before closing or even up to 75 days if you want a longer window.  The longer the window, the more the cost of locking in a rate.  This is where I can help you make the decision.  

Now is the time to call.  This rates are not likely to go down and seem to be trending up.

**Graph belongs to

Monday, January 31, 2011


I am a New Year’s baby.  Possibly THE New Year’s baby.  Typically, companies shower gifts on the state’s first baby of the year.  You can imagine how eager I was to claim that new Amana washer/dryer!  Because my dad was a doctor at the hospital, however, to avoid any suspicion that he might have induced his wife’s labor in order to win the prizes, I wasn’t accorded the honor.  Despite being physically present for the event, I’m unable to report any details.

There are benefits and drawbacks to being born on January 1st befitting its singularity among holidays.  It is an easy to remember date, unconnected to a historical event or notable person, and arbitrarily scheduled.  Meteorologically, it ranks below the summer solstice, yet it is celebrated virtually world-wide.  And I’ve made it a point to travel to countries famous for their peculiar ways of celebrating it.

If you like iguanas or unusual parties, head to Ecuador.  Throughout the cities, giant straw effigies of politicians and international celebrities are set on fire while men dressed either as infants or as old women run around and through the flames.  Drinking to excess at the party is expected.  As are fireworks.

Appropriately for a country tucked between others - Sicily, Tunisia, Greece and Libya – Malta’s New Year’s eve is party central, a Woodstock fueled by music, abetted by alcohol and with fireworks as hallucinogens.  You just have to love the people in a country who have given their name to a small dog. 

One October, heading to Mumbai at night, our plane was engulfed by explosions and blinding lights.   Panic was averted when the pilot explained that Indians are celebrating Diwali, their New Year (which unhelpfully occurs sometime between mid-October and mid-November.)  They set off copious amounts of fireworks, possibly their biggest import from China.  We passengers set off for drinking to be followed by more drinking.

As universal as New Year’s is, so, too, is accompanying it with drinking and fireworks, both universal languages.

Speaking of China, I spent one birthday there in a hospital bed, enlivened by a quartet of nurses singing “Happy Birthday.”  I think that’s what they were singing.  They spoke no English and sang phonetically.  I barely recognized the tune amid the cacophony of fireworks and firecrackers outside.  I petitioned them to pour Champagne into my IV drip (which was basically sugar water anyway.)  I doubt they doused me with alcohol, but whatever concoction they administered made for a memorably enjoyable birthday present.

Put Capetown, South Africa on your New Year’s to-go list.  After a night of typical big city revelry (the usual: alcohol and fireworks), people pour into the city squares.  Around 7:00am tribesmen from the surrounding areas arrive, each tribe dancing its idiosyncratic dances.  Magically, the revelry eradicates any hangover traces.  And because it’s summer there, people head to the beaches to unwind in the sun.

Warm weather’s nice.  If celebrating outside in the cold is more to your liking, then your best friend is alcohol – a vasodilator that helps your body generate heat.  (Remember Saint Bernards carry caskets of brandy, not cocoa.)  And if vodka is more to your liking than Champagne, hit Budapest, Hungary.  Everybody gets a bottle and swigs liberally while strolling and singing on the Danube, all freezing night.  Food-wise, cold pork in aspic is nice, once you scrape off the aspic.

So, I hear you ask, is there any place that doesn’t celebrate alcohol, excuse me, I mean New Year’s?  Strangely enough, I’m living in it.  Los Angeles.  Here the car is a local deity.  Taxis are more of a curiosity than convenience and “mass transit” refers to sitting in traffic on the 405 (or the 10, the 101, the 605, the 705, the 105, or just the plain old 5) People rely on cars. Yet to drink and drive is a venal sin.  It is the quietest night of the year.  Many a midnight passed in an empty restaurant.  Luckily, we have 364 nights of jamboree to compensate.

Dry Los Angeles is the opposite from what purportedly is one of the world’s great all-night party towns: the Philippines.  Along with the all-night dancing, drinking and fireworks are special dinners consisting of 12 different fruits signifying the 12 months.  I wish I could attest to the festivities.  When I was there two American women were kidnapped from my hotel and bombs were detonated in shopping malls across the street.  Now, one common sense travel rule if you’re going off the beaten path is: have an exit strategy.  Since kidnappers split their take with the police, venturing out was out of the question.

So I don’t know whether reports of Philippine bacchanalia are true.  Please don’t disabuse my notion that they are.  After all, I live in LA where if the fiction is better than the truth…