Monday, November 11, 2013

Almost Half of Baby Boomers Carrying Mortgages into Retirement


Is it Smarter for Seniors to Hold Mortgages or Pay them Off?

AARP reports that 
  • 53.6 percent of households age 55-64 carried a mortgage in 2010, compared with 37 percent in 1989
  • 40.5 percent of households age 65-74 carried a mortgage in 2010, compared with 21.7 percent in 1989
  • The median value of mortgage debt among the 55-64 crowd soared to $97,000 in 2010, up from $33,800 in 1989. 
  • The median value of mortgage debt among the 65-74 crowd soared to $70,000 in 2010, up from $15,300 in 1989.  
And the Joint Center for Housing Studies of Harvard University reports that

The media loan-to-value ratio among homeowners age 50-59 jumped from 10 percent to 38 percent between 1989 and 2010.

Are seniors just haphazardly going into retirement years with much more debt?  Is the additional debt due to increased home values, increased wealth, or a carryover from the boom bust cycle in real estate?  All of the above?  Or could it just be smart?

Not All Debt Is Bad

The first is, not all debt is bad debt.  Considering that you might be borrowing potentially hundreds of thousands of dollars for ten, twenty or thirty years, and you can lock that interest rate in today at around 4% or even lower.  Plus, the interest on that money is very likely tax deductible.  Therefore, if you are in a 25% tax bracket which is close to the national average, a 4% interest rate means your effectively borrowing at 3%.  Where else can you get debt like that?  Certainly not from your credit cards. Even at age 65, you are likely to live to 85 or longer.  A 20 year mortgage is not a crazy idea.

How Might You Use the Funds You Have Rather Than Paying Off Your Mortgage?

The second reason to consider not paying off your mortgage is this; think about the use of the funds.  Paying down the principle, which is to say increasing your equity in the house, feels like a good thing and I respect that a really good reason to do it something is merely that it feels good.

From a strict financial point of view, however, your house is an asset.  When you put money into any asset you want to see that the asset appreciates in value... that it grows.  It sounds somewhat counter intuitive until you realize no matter how much you put in to your house in terms of the equity, but whether you put down 100%, or you borrow 100%, the price of your home is established by the market.  Therefore, paying money into your mortgage is technically a zero rate of return.

With that in mind, the issue that comes up is the big one.   If you don't put it into your home by paying down principle, what else could you do with it?  Right now, the investments in the market are very poor.  CDs are paying on average 1.6% in the country, but that’s today.  Looking further down the road, we’ve been accustomed to five, six, seven, eight percent returns on investments.  So if you can borrow from the bank at three, four, or five percent, you can put it in stocks or even just very secure treasury bonds and end up with a positive result.   You are doing what a bank does,  borrowing low, and you’re investing high at a secure rate.
Another reason for holding on to your cash is this.  You might have been dutifully paying down your mortgage over the years.  Now you are sick and need cash, or have other reasons why the cash would be very helpful.  But for a variety of reasons you can no longer refinance. You are now in a situation where you don’t have cash in the bank, but have a ton of cash in your home's equity.  If the money that went into paying down the mortgage had gone into a savings account, it would now be readily available.

Think in Terms of Net Worth.  Paying Off the Mortgage Is Old School

The key words that you should be thinking about are net worth.  When you add up your home and all your other liquid assets, less your liabilities, that’s what your worth is.  So whether you own a $100,000 home of which you owe $90,000 and therefore you have a net worth of $10,000; or you have a $100,000 home of which you owe $100,000 but you have $10,000 in the bank, you still have a net worth of $10,000.  They are the same, except from my own recent personal experience, I couldn’t count the number of people that would have been better off having the cash outside the house. 

Home Equity Is A Tempting Asset If You Should Lose a Lawsuit

A third reason to consider not paying off your mortgage is to recognize that the more you own of your home, the greater your equity share.   Arguably the more visible that asset is to a potential creditor the more likely they are going to be looking to claim it.

There is a wonderful story from the 1930s, where Walt Disney owed Bank of America $7 million dollars that he had borrowed to finance Snow White.  He and his brother laughed, because they realized that the last thing Bank of America was going to do was foreclose on them.  In fact, the bank wound up giving them more money because they couldn’t afford to take the studio from them.  Luckily for both Disney and Bank of America, Snow White was a hit and they were able to pay the loan.

For you, it is similar.  Just imagine if you own a home that is completely paid off versus your neighbor who has the exact same home but owes the bank 90% of the money.  You both have some kind of financial problem.  I can’t promise you, but hypothetically I’ll promise you, if the bank has to choose who to go after, they’re coming after you because your house they could put on the market and sell and get their money back.  The person who owes the bank a lot of money, that house isn’t worth anything and they are more likely to keep the house. 

If You Want to Make Those Extra Payment, Here Are the Best Methods

If you decide that you have plenty of cash on hand to deal with emergencies, don't really want to use your cash to invest in other places, and want to feel good by paying the mortgage off faster, you have choices of how to do that.

One is to make extra payments.  Some folk decide to pay an extra payment every quarter.  Or you can just add money to each payment.  You can also just send a check any time you feel like paying off some principle.

Whatever your needs are with regard to your mortgage, please know that we are available to help in any way possible.  Refinance to lower cost?  Use equity in one home to purchase a rental property?  You tell us what you need done.  We have the resources to get it done.

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Friday, November 8, 2013

You Might Qualify for a 5% Down Home Loan

20% Down Might be a Good Idea, but if You Don't Have 20%, 5% Might Be an Option for You

According to, it is still possible to get a 5% home mortgage loan in Los Angeles in late 2013.

Good news for homebuyers who don't have a lot of cash on hand: Banks are offering loans with down payments of just 5%.

After the housing bubble burst, buyers needed to come to the table with as much as 20% down or they had to turn to the Federal Housing Administration for a low down-payment loan.

But now banks like TD Bank, Bank of America (BAC, Fortune 500), and Wells Fargo (WFC, Fortune 500) are loosening the purse strings, offering loans with down payments that are as low as 5%.
TD Bank's "Right Step" mortgage, for example, allows borrowers to secure a loan with a 5% down payment. It also allows them to receive as much as 2% of the sale price as a gift from a relative or other third party, so they would really only need 3% down.

Why the change of heart? Market opportunity for one thing.

FHA dominated the market for low down payment loans during the housing bust. Taking on all those risky loans, however, depleted the agency's reserves and has forced it to increase costs.

Over the past couple of years, the FHA has been raising premiums. And this year, it started requiring borrowers to buy private mortgage insurance for the life of the loan -- an expensive proposition that has sent many prospective borrowers looking elsewhere.

While the loans were far too risky for private lenders to take on before, rising home prices have made them less of a gamble. Plus, the banks think they can offer a better deal than FHA.

'I live in a bank'
"As the FHA selectively reduced market share by increasing premiums, we introduced a substitute for FHA loans," said Malcom Hollensteiner, the director of retail lending sales for TD Bank.

While the private lenders that are offering the 5%-down loans are also requiring borrowers to buy private mortgage insurance, they are only requiring them to do so until they build up 20% equity in the home.

The difference can really add up. Paying an insurance premium over the life of a $200,000, 30-year fixed-rate loan from FHA that carries an effective mortgage rate of 4.4% (5.75% when you tack on the insurance premium), can add up to nearly $60,000 over the life of the loan.

Of course, homeowners can always refinance to end their FHA insurance, but rates are so low that by the time an FHA borrower is able to refinance to a lower rate, it may not be worth it. To top of page
We have been reporting this fact for months.  See our blog post back in April:

Buy A Home with 5% Down - Low Down Payment Loans on the Rise Says

Refinance Up to 95% and Lower Your Interest Rate 

In fact, a strong argument can be made that it is smarter in this interest rate market to put down the least amount possible.  You can achieve all the same long term benefits of appreciation, tax deductions, and reduced expenses for your habitation with the lower down payment.  You then maintain a larger cash reserve for other investments, opportunities, or just rainy day funds.

We can help you sort all that out.  We are not merely a source of great rates and overall costs for mortgages, we also serve you with our years of experience in this market.  Call today.

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025



Wednesday, November 6, 2013

The Great Home Ownership Rate Debate

What Is the "Right" Percent of the Population Who Should Own Their Own Home?

The Current Ownership Rate Is the Lowest in 18 Years.  Time to Panic?

Every president since FDR, at least, has attempted to stimulate home ownership in the US.  There can be little doubt that this emphasis on the positive aspects of owning a piece of America has benefited many individuals and families.  Note that there are those who think the huge emphasis is misplaced, and that families should not necessarily place such a huge percentage of their assets in one investment, most think property is a excellent hedge, providing good returns, and generating many side benefits. 

But after reaching historic highs of 69% in the first decade of the 21st Century, the bubble burst and we now find ownership rates to have returned to the norm of around 65% that has been in place of at least three decades.  The government is all in a tizzy at this point attempting to provide ways to turn around the falling rate of ownership, and not reinflate the bubble.  Most of the discussion turns around the issue of how tight or loose to make regulations around mortgage qualifications.  Ease the qualifications, and send ownership rates higher, but also create increased demand on limited supply, thus driving up prices. . . bubble.  Tighten regulations to reduce risks to mortgage holders and the banks and insurers, and you risk driving out potential solid buyers, thus lowering demand and hurting the housing market. 

One might ask the question, what would the market do if there was no government interference?  Is 65% about all we can expect.  There are entire segments of the population that probably shouldn't or don't want to own: 
  • Many seniors who don't want the responsibility any longer
  • Many singles (especially young singles)
  • Those with transient jobs
  • Unstable personalities inclined to risky behavior
  • Some who just prefer a simpler life
Interestingly the percent of white home ownership tends to be around 6% higher than the overall rate.  There could be an argument that the "right" rate would be the white rate.  If 70% ownership among whites was sustainable over that 30 years, at least a good goal might be to do that for the entire population.

Two excellent articles on the subject have recently appeared in Bloomberg and in US News.  These articles delve more deeply into the pros and cons of the overall social policy and the government's role in that policy. 

In California home ownership has been a remarkable vehicle to wealth for many.  There are few areas of the country that are more likely to maintain value and offer the opportunity for appreciation that Los Angeles and Orange County.  If you are interested in purchasing a home for your family or for investment and you need the services of a mortgage professional to help you find the best possible mortgage product to help you secure that dream, please give us a call.  We are now a part of Guaranteed Rate, and have resources that can help you find a perfect mortgage for your needs.

Call now:

Bill Rayman Home Mortgages
12121 Wilshire Boulevard, Suite 350
Los Angeles, CA 90025
Phone: (424) 354-5325 

Tuesday, October 29, 2013

"1 tip could save $50,000 on your next mortgage," Says MSN's Money Talk News

From Money Talk News Article

This simple step is essential for getting you the best possible interest rate on your home loan.

This post comes from Marilyn Lewis at partner site Money Talks News.

Ready to apply for a home loan? Here's the one piece of advice that can save you 10s of thousands of dollars on your mortgage, plus six more tips to help you get the best mortgage deal you possibly can.

Before you apply for a mortgage, pull your credit history and get your credit score. Why? Cleaning up your credit history and raising your score can make you eligible for the best interest rates on a mortgage.

You'll want to do this as soon as possible -- giving yourself a year to improve your credit.

Borrowers with scores above 720 get the best mortgage rates. They are welcomed with open arms by lenders. If your score is below 720 you can still get a mortgage. But it's more difficult. And it'll cost you more.

The chart below shows you why. You can use your own numbers at MyFICO's Loan Savings Calculator

Lower credit score? Pay more interest
Credit score* APR** Monthly payment Total interest paid
760-850 4.018 $959 $144,848
700-759 4.242 $985 $154,244
680-699 4.421 $1,007 $161,845
660-679 4.636 $1,032 $171.08
640-659 5.07 $1,085 $190,072
620-639 5.62 $1,154 $214,781
*Source: MyFICO; **Annual percentage rate
In this chart, you'd pay $195 a month less with a 760 credit score than with a 639 credit score. That's a difference of nearly $70,000 over the total life of your mortgage.
We couldn't agree more, and we will work with you to get the best possible rate through our new association with Guaranteed Rate Inc.  

Bill Rayman Home Mortgages - mortgage broker for home loans and mortgage banker
12121 Wilshire Boulevard, Suite 350
Los Angeles, CA 90025
Phone: (424) 354-5325

Monday, October 28, 2013

Are Mortgages Harder to Get if You Are Self Employed?


A Good Mortgage Broker Can Help You Navigate the Approval Process

2013 will long be remembered as the year the federal government slowed up the housing recovery by making mortgages much more difficult to obtain.  Only history will tell us if the stiff medicine was good in the long term.  But if getting a mortgage got harder for those with a pay stub, it certainly also became even more difficult for the self employed.

Assuming that you are filling out a schedule C, your tax return will be the primary method of establishing your income.  Generally, the lender will average the last two years of net income.  However, if the most recent year shows a decline, they may only use the second year. 

If you know well in advance that you are planning to get a mortgage, you may wish to change some of your accounting practices.  We all know that there are many ways to count various aspects of revenues and expenses, and that the normal inclination is to keep net income low, and thus pay lower taxes.  However, you may want to show more income leading up to the mortgage application, even if this results in higher taxes. 

If it is too late to bulk up your earnings, you might consider doing an amended income tax return.  In addition, a skilled mortgage broker may be able to help you with notes to your return that would include adding back certain expenses, such as depreciation or one time charges, without doing an amendment.

Some lenders have more stomach than others for the self employed, and/or a greater understanding of the nature of schedule C income.  Since mortgage brokers have multiple lenders to turn to for your mortgage, they have a better chance of finding a favorable loan environment. 

Stated income loans are another possibility.  While these fell out of favor after the crash, there are times when they can be used in today's mortgage market. 

Our capabilities in all of these matters has increased over the past week, in that we have changed our primary broker and lender relationship to Guaranteed Rates, Inc.  As one of the largest lenders in the US, Guaranteed Rate has the ability to place loans at great rates, and to do so quickly and with the least possible headaches.  Guaranteed Rate has a proven track record of making the process incredibly smooth for borrowers.  Please note my new contact information below. 

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Thursday, September 12, 2013

CNBC Says Rich Are Borrowing Using Mortgages

Santa Monica Home Needs Jumbo Mortgage
$1.9M for this Santa Monica Beauty

There should be no surprise in the following article from CNBC.  The wealthy are wealthy because they know how to manage their assets and liabilities.  Even with mortgage up over a point since the Fed started hinting loudly about winding down their asset purchases, the reality is that we may not see mortgages under 6% again in this century.

So the rich are getting their mortgages while the getting is good.  Next year when mortgage rates are 6% and going higher, the rest of the population will panic and start buying, refinancing, and using leverage to increase their portfolios.  Here is the article in its entirety.  There was too much of value here to edit.  There are some video and other notes of interest where this post appears on CNBC.

Jumbo mortgage rush: Why the rich are buying

By: | CNBC Reporter and Editor

Even as the rest of America pulls back on mortgages, the wealthy are going on a borrowing binge.
New data from Realtytrac show that wealthy homebuyers are ramping up their use of mortgages to buy homes. In July, 46 percent of buyers purchasing homes ranging from $2 million to $5 million used mortgages—up dramatically from 27 percent in 2012. With purchases of $1 million to $2 million, the use of mortgages jumped to 63 percent from 49 percent a year ago.
The mortgage spree by the wealthy stands in stark contrast to the rest of the country, which has seen mortgage activity decline with rising rates. Nationwide, 40 percent of the homes sold in July were purchased with cash, up from 31 percent a year ago, according to Realtytrac.
Housing economists and luxury real estate brokers say the mortgage economics for the wealthy are different than for the rest of the country. While rising rates make borrowing and buying less affordable for everyday homebuyers, looming rate hikes act an incentive for wealthy borrowers, who use loans as financial tools.
As rates start to rise, housing experts say, the wealthy who were waiting on the sidelines to buy or borrow decide to jump in. They are scooping up the cheap capital before it gets more expensive.
"With mortgage rates picking up, some of these folks decided to get off the fence and take advantage of the low rates," said Daren Blomquist of RealtyTrac. "With the wealthy it's more of a financial decision."

Mortgage market & what's next 

CNBC's Diana Olick reports on the leading proposal in Congress to do away with Fannie Mae and Freddie Mac. 
The borrowing spree by the wealthy reflects a growing divide in the mortgage market between the wealthy and the rest of America. Interest rates on jumbo mortgages—loans over $417,000 in most areas and over $625,500 in higher-priced areas—are now lower than the rates for so-called conforming loans below those levels. It's highly unusual for jumbo loans to be cheaper than conforming loans, since conforming loans are traditionally backed by government agencies. Banks are cutting their mortgage staffs amid a big fall in applications and refinancing.
But uncertainty over the government's role in the mortgage market has added to the upward pressure on conforming rates. What's more, many banks see wealthy borrowers are more attractive borrowers. And many banks use mortgages to wealthy clients as a way to win their wealth-management and investment business.

Of course, cash remains king at the very top of the real estate market. More than three quarters of buyers of homes priced at $5 million or more used cash for their purchases in July—up from 56 percent last year.
Olivia Hsu Decker, a top luxury real estate broker in San Francisco, said the super-wealthy today have plenty of excess cash and some don't like to bother with the complicated and time-consuming mortgage process. And buyers can often get a better sale price if they pay in quick cash rather than waiting on a loan.
"Mortgages are not easy, even for the wealthy," she said. "They'd rather just write a check."
She added, however, that many of the wealthy get mortgages after they purchase, to take advantage of the cheap money.
Other brokers, however, add that the surge in mortgage rates and activity among the wealthy has driven a corresponding jump in sales—especially for second homes. Sales in the Hamptons were the highest ever in the second quarter, totaling $1.15 billion. Sales in Palm Beach, Fla., Aspen, Colo., and other high-end locales have also remained strong.
But some housing economists wonder if the high-end borrowing binge is temporary.
"The first half of the year was about pent-up demand and rising rates," said Jonathan Miller of Miller Samuel, the appraisal firm. "A lot of that has played out so I think you could see some decline in mortgages. But that will be determined by how fast rates rise."

The Jumbo mortgage market is certainly alive and well in Santa Monica, Beverly Hills, West Los Angeles and Bel Air.  If you are looking for a jumbo loan, we can help.  Call Bill Rayman at  310-424-8635

Tuesday, September 10, 2013

9 Facts About Getting a Mortgage after Bankruptcy


Using a Mortgage Broker Is Recommendation Number One for Those with a Recent Bankruptcy

 If you or a friend have recently gone through bankruptcy and are now thinking about getting a mortgage for a purchase or refinance, you have probably heard the routine answer that you must wait two to three years to get a mortgage loan.  While this is a good rule of thumb, it isn't necessarily true.

Here are the facts about mortgages and bankruptcy:

1.  It is possible to get a mortgage the day after you file for bankruptcy and/or the day after your final adjudication and dismissal in bankruptcy.  It all depends on the circumstances and your financials.  In order to even be considered for a mortgage so soon after filing or a final judgement, you would need to be able to show that the bankruptcy was due to extraordinary circumstances and unlikely to be repeated.  The down payment would need to be much higher than normal, the income proof requirements would need to be air tight, and the interest rate would undoubtedly be higher than market.

2.  The longer you wait to apply, the fewer the hurdles.  Your credit score will play heavily into any mortgage process.  Immediately after a bankruptcy, your credit score is likely to be less than 600.  If you are able to get credit cards or car loans quickly, you can begin to build up your rating.  As with mortgages, there are car loans available if you have good income and put a large percent down.

3.  Some banks or other lenders will not accept an application earlier than two or three years after the final adjudication.  However, there are plenty of lenders who will.

4.  It may seem obvious, but you will need to pay very close attention to your credit rating.  Any bounced checks, missed payments, late rents, or even evidence of building up massive amounts of credit will hurt your credit rating.  Keep track of what is showing up on your credit reports.  Immediately deal with any negatives. 

5.  Income verification will be scrutinized much more carefully.  Many lenders want to see that you have been at the same employment for at least two years, even without a major credit issue like a bankruptcy.  Be prepared to provide additional evidence of future income stability if you have changed jobs within two years of applying.

6.  Various programs available to borrowers have their own rules which might impact your ability to get a loan, the interest rate, and other terms of the loan.

FHA and the VA have strict policies regarding Chapter 7 bankruptcy.  You must wait two years from the date your Chapter 7 is discharged.  If you are in a Chapter 13 bankruptcy the FHA will require12 months of Chapter 13 plan payments and the approval of the bankruptcy court for you to be approved.  Both agencies will also want to see that the bankruptcy is unlikely to be repeated and/or due to circumstances largely outside the borrowers control.

7.  In the current tight credit market, every aspect of your transaction will be scrutinized.  Make sure you are not trying to buy too much house for your income, that you have a the down payment from approved sources, and that the property will appraise at levels needed to make the deal work.

8.  When you have spotless credit, plenty of down payment, and documentation on income that is easily enough for qualifying, an argument could be made that direct borrowing from a bank may not be a lot different than using a mortgage broker.  The right mortgage broker could still generally get you a better deal when considering all costs.  Moreover, a quality broker is more like a consultant who will provide you with services well beyond merely finding you the best possible deal.

When you have a difficult loan, however, and a bankruptcy certainly qualifies as one of the most difficult issues to overcome, then it would be hard to argue that a direct relationship with a bank is the best road to getting a mortgage or getting a good deal.  Mortgage brokers can search the market among various lenders to find out who has the stomach for bankrupt borrowers. A broker can also help you to assemble the documentation that is most likely to get the deal done.

9.  You will likely need patience.  That will likely be true at year two and three after you've received your judgement, but it will be a good emotional state to acquire if you are under those general requirements.  We hope that you will give us a call to discuss the potential for getting you set up in a new mortgage.   Call Bill at 310-424-8635

New Contact Information for Bill Rayman

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Saturday, September 7, 2013

Did We Learn Anything from the Mortgage Debacle?


Some Are Raising Alarm Bells Again as Mortgage Rules Soften

The Charlotte Observer claims to be one of the first to raise a yellow flag regarding the housing meltdown in 2008.  In an article titled "Remember the Reason for the Mortgage Rules,"  associate editor, Peter St. Onge, cites an article he participated in for the Observer in 2005:

Back then, in 2005, we were among the first newspapers in the country to report on the depth of foreclosures. We knew why it was happening - for years, homebuyers were putting their signatures on loans that shouldn’t have happened. Many were victims of predatory builders and real estate companies taking advantage of a reckless lending environment. Regulators were clueless, intentionally so or not.
We also knew the root of it all. Both the Clinton and Bush administrations had made increased homeownership a policy goal. To that end, the feds loosened requirements for FHA loans. Homeowners no longer needed a down payment, and they could borrow more against their income. And because the FHA guaranteed repayment of those loans, lenders could take more chances, too.
The inevitable result: More bad loans, which banks packaged into toxic investments, and we all know the rest. 
 He goes on to sound an alarm about recent softening of Dodd Frank rules regarding zero down loans:

Last month, federal regulators announced that a key part of the Dodd-Frank financial reform law was getting a severe watering down. Two years ago, regulators had proposed a 20 percent down payment to qualify for home loans. The reasoning was simple: Home loan defaulters tended to be people who didn’t have a lot of equity to begin with. But now, a revised rule requires no down payment at all.
This retreat came after relentless pressure from housing industry lobbyists, as well as supporters of low-income housing, who argued that a 20 percent threshold would eliminate homebuyers and snuff out the housing recovery. They also argued that other new rules did enough by placing tough debt-to-income thresholds on loans and discouraging dangerous loan gimmicks that fooled consumers into thinking they could afford a home.
On that, the lobbyists are right. The new rules will stop the worst of the loans. But the loss of a down payment requirement – even 5 to 10 percent – opens a door for lenders to work the edges and homebuyers to take risks they shouldn’t. 

While Onge is evenhanded in this piece regarding who was at fault, including politicians, regulators, financial industry, lenders, brokers, and consumers as all taking advantage of the situation in order to meet their goals, he fails to address the reality of the but for argument.  Greedy lenders and borrowers alone could not create this horrific result.  But for pressure from the government to make bad loans, and regulators completely missing on valuations, the crisis would have merely been a normal swing.

Dodd Frank assumes that the government can make rules to keep things in check.  But it was government who provided the but for in 2008.  While it is unlikely that we will ever again see the perfect storm that created the collapse of the real estate bubble, we can certainly expect that government will overstep, mismanage, and act precipitously based on the current mood of constituents. 

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


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Monday, September 2, 2013

Warren Buffet's Top Ten Investment Tips Applied to Real Estate


Buffet's Birthday Present to the World: His Top Ten Investment Tips

One of the richest men in the world, and arguably the best investor in a generation or two, Warren Buffet loves to give tips to his followers and to others who will listen.  Last week CNBC and other posted a top ten list.  I thought it would be fun to apply these to real estate instead of businesses or stocks. 

1.'It's far better to buy a wonderful home at a fair price than a fair home at a wonderful price.' 
Source: 1989 Letter to shareholders  insert company for home

2.'Rule No. 1: never lose money; rule No. 2: don't forget rule No. 1'
Source: "The Tao of Warren Buffett" (2006)  No change necessary

3.'Our approach is very much profiting from lack of change rather than from change. With Wrigley chewing gum, it's the lack of change that appeals to me. I don't think it is going to be hurt by the Internet. That's the kind of business I like.'   Just add: A 4 bedroom 3 bath home in a good neighborhood is always going to be a good bet.
Source: Businessweek (1999)

4.'I try to buy homes that are so wonderful that an idiot can make money from them. Because sooner or later, one will.'
Source: At a panel discussion after the premier of the documentary "I.O.U.S.A" (2008)  Substituted Homes for companies and make money for run.

5.'The real estate market is a no-called-strike game. You don't have to swing at everything – you can wait for your pitch.
Source: "The Tao of Warren Buffett" (2006)  Substituted real estate market for stock market

6.'Price is what you pay; value is what you get. Whether we're talking about socks or stocks or real estate, I like buying quality merchandise when it is marked down.'
Source: 2008 Letter to shareholders   I just added real estate
7.'Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.'
Source: "Buffett: The Making of an American Capitalist" (1995)  No change necessary

8.'If you understood the real estate market perfectly and the future of the business, you would need very little in the way of a margin of safety.'
Source: 1997 Berkshire Hathaway annual meeting  Substituted real estate market for a business

9.'We've long felt that the only value of home price forecasters is to make fortune tellers look good. Even now, Charlie [Munger] and I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.'
Source: 1992 letter to shareholders   Simply substituted home price for stock market

10.'We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely.'
Source: 1998 Berkshire Hathaway annual meeting   No change 

If you'd like to read the original list with commentary, go to

New Contact Information for Bill Rayman

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Tuesday, July 30, 2013 Offers Fantastic Gallery of Home Decorating and Remodeling Ideas

Zillow Is Much More than a Place to Get a Free Estimate on the Value of Your Home

I've been using for years.  In the crazy residential real estate market we've all endured for the last decade or so, it has offered at least a rough estimate of home values.  What I didn't know is that has branched out, and now offers real estate market reports, advice, and more.  Of these new offerings, the one that caught my eye, because this service is pure eye candy, was their data base of decorating and remodeling ideas.

As you can see in the picture above, the data base allows you to select from various spaces (actually 36 different spaces from bathrooms to mud rooms), 13 different styles, and 3 budget categories.  You can also choose to just browse at random.

So, in the case above, I selected patio, mediterranean, and budget.  And I was rewarded with three beautiful selections.  If you are interested in a kitchen remodel, and selected kitchen, contemporary, the page just scrolls down and down.  I'm not sure how many options are there.

If you are considering any type of renovation, custom home, or remodel, and will need a mortgage or mortgage refinance to get the job done visit our website at

New Contact Information for Bill Rayman

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Monday, July 8, 2013

9 Nutty Notions About Mortgages in Los Angeles

Are You Believing the Headlines, the Myths, or the Commercials about Mortgages? 

When you are in the market for a mortgage in Los Angeles, a refinance in Santa Monica, a construction loan in Beverly Hills, or an FHA mortgage in Culver City, you are likely to start paying attention to the nutty notions that make their way into the news, internet, commercials, and even advice from friends.  Here are nine such ideas that you should carefully evaluate.

Nutty Notion #1 - Mortgage interest rates are skyrocketing and are going to kill the home market.  Today, 30 year fixed mortgages are at about 4.6.  This is close to a 50% discount of the average 8.6% over the past 30 years.  Any mortgage interest rate under 6% is an amazing bargain

Nutty Notion #2 - You have to have 20% down to buy a home today.  You can use FHA or PMI (private mortgage insurance) which allow 3.5% and 5% down payments, respectively.

Nutty Notion #3 - You have to have a perfect credit score to get a mortgage.  While the government rules and banking regulations have made mortgages tougher in the past few years, the requirements are very much the same as they were in prior to 2000.

Nutty Notion #4 - Credit Repair companies can fix your credit.  Be very careful about employing credit repair companies.  Many are scams or even straight out cons.  You can repair your own credit.

Nutty Notion #5 - Banks are your friends.  Banks are in business to make a profit based on a review of the risk of any loan versus the amount of cash flow and interest they can earn.  Especially under the new rules from the US government, banks are looking at you as a bunch of numbers.

Nutty Notion #6 - Banks have lower interest rates than you can get through a mortgage broker.  Many times a mortgage broker will put your loan through a bank if that is the best overall deal for you. 

Nutty Notion #7 - When shopping for a mortgage, go for the one with the lowest interest rate.  There are at least 20 basic elements of any loan that may make that loan better or worse for your specific needs.  Even the total cost of the loan is not reflected in the interest rate alone.

Nutty Notion #8 - No cost loans are the smartest way to do your mortgageThere is no such thing as a no cost loan.  Many of the costs are dictated by federal or state law.  Other costs are necessary if the lender is to stay in business.  Someone is paying the cost.  It may be hidden.

Nutty Notion #9 - Adjustable rate loans are more expensive than fixed rate in the long runIn fact, it can be shown that adjustable rate loans are cheaper in the long run.  This is because the risk is shifted to you, and away from the bank.  Every situation will be different.  That's why it is always better to consider talking to a mortgage broker prior to making any decisions on your loan.  Mortgage brokers only make their commission when they have provided you with a great loan.  They work for you, not for the lenders. 

We will be happy to have a no obligation conversation with you about your specific needs, and can even help you with very specialized loans. 

New Contact Information for Bill Rayman

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Sunday, June 30, 2013

Pinterest Is An Amazing Kitchen, or Bath or Home Remodeling Resource

Remodeling Is More Fun than Ever With Pinterest

Yep, we have a Pinterest site and we hope you'll go check it out, follow us, and repin some of our content there.  We are going to turn our Pinterest site into the best place online to view all kinds of real estate related information such as:

As much fun as it is to window shop on Pinterest, when you get ready to break ground, break walls, or you about to break your nasty old cabinets and get something pretty and new, give us a call.  We can help you evaluate your plans to buy, tear down, build from scratch, remodel, or do anything else you might want to do with your real estate.  Our part of the job is to get you the mortgage or the refinance you need at the rates that will keep your costs in line.

New Contact Information for Bill Rayman

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Wednesday, June 26, 2013

Will $69 a Month Kill Home Sales? Interest Rates Are Still a HUGE Bargain

Home Sales and Prices Up Again on June 24.  Now Mortgage Interest Is Up.  What Will be the Effect?

The doomsdayers are at it again.  Mortgage interest rates shot up to 4.4% from 3.5% in just a week.  There goes the housing market.  Are they right?  What effect does rising interest rates have compared to rising home prices

The average sale price of a home in the US today is $150,000.  In 2008 that price was $250,000.  The effect on the down payment at 20% would be $20,000 less today than then.  The effect on the mortgage amount per month assuming a 5% interest rate would be $1074 then, and $644 now.  So today I can buy the average house with a monthly cost $430 per month lower than 2008, even at 5%.

The savings per month on the monthly mortgage payment today vs 2008 on the average US home is $430 per month

Let's look at the more luxurious home with a $700,000 price tag and a $560,000 mortgage after $140,000 down.  That same home in 2008 would have cost at least $850,000 and required $170,000 down.  The difference in monthly payment based on a 5% mortgage interest rate $1644.00 per month.

Now let's play the same game with an increase in mortgage interest from 3.5% to 4.5%.

On the $150,000 home, the monthly payment would go up $69 per month.  On the $700,000 home, the monthly would go up $389.00.  For the owner of each type of dwelling this probably represents two nice dinners out per month.

The effect of the mortgage interest rate increase from 3.5% to 4.5% is $69 a month on the average US home.

Therefore as a prudent buyer wanting to keep my out-of-pocket in my pocket and my monthly expenses as low as possible, I should be much more concerned about property values going up than I am about interest rates going up.  The impact is far higher on the former. 

If home prices and mortage rates both go back to 2008 levels, the combination would be pretty effective at killing the housing market.  However, there were folks lined up in 2007 to buy those homes at those prices with those interest rates.

Today is still the best time to buy a home in 30 years or longer based on your overall cost to own.  And it is highly unlikely that the future will provide better or even the same cost of ownership as today.

New Contact Information for Bill Rayman

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Sunday, June 23, 2013

After the Mortgage Approval, Before the Close ... FREEZE!

Don't Apply for or Accept ANY New Loans, Credit Cards, Financing, Car Loans, Anything During the Mortgage Process

You might think that the NSA is spying on you, but you can be sure that the bank or mortgage lender is.  Lenders are super skittish under the new rules from Fanny May and Freddie Mac, not to mention potential additional rules coming from Dodd Frank, and changes in underwriting standards from FHA.  These all add up to a potential disaster for your plan to get into a new home or refinance your current loan.

We highly recommend that you plan for any new mortgage month in advance.  You may want to change the way that you take income or count deductions on your taxes.  You may want to pay off debt or eliminate credit cards.  You will certainly want to clear up any issues on your credit report.

But now you are only weeks away from getting serious about shopping for a mortgage.  From this moment forward until the mortgage is signed, DON'T do anything that might make it appear that you are adding to indebtedness or even potential indebtedness.
  • Don't apply for new credit cards even if the department store will give you 10% off on all your purchases.
  • Don't agree to increases in your credit card available credit
  • Don't make a large purchase on any of your credit lines
  • Don't take a cash advance against any of your credit cards or other lines of credit
  • Don't even set up a no bounce account on your checking account
  • Don't buy a car or refinance a car 
  • Don't cosign for your kids on any loan or property rental
Prior to approval, the lender will be looking for your current debt to income ratio and what that ratio will be after the approval.  They will also be looking at your ability to repay the debt in great detail.  The new rules require lenders to be sure you have the ability to repay.

After loan approval and prior to getting your final signature, the lender will have you under scrutiny.  Just prior to drawing up the documents, there will be a final check to see if there has been any new activity that might throw off all these delicate measures of your credit worthiness and your ability to repay the loan.

So be smart!  Just play freeze for the few weeks leading up to your application for a mortgage, and then for the additional few weeks during the process of closing.  

If you are looking for a mortgage refinance in Santa Monica, please give us a call.

New Contact Information for Bill Rayman

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Wednesday, June 19, 2013

Mortgage Terminology All Seems Like Greek To You? Comprehensive Glossary

Los Angeles Mortgage Broker and Mortgage Banker, Bill Rayman, Offers a Complete and Trusted Financial Glossary FREE 24/7.

We live in amazing times.  30 years ago or less, if you wanted to know the definition of a complex legal or financial term, you'd have had to get in your car and go to the library.  And we understand that you can just google a term and get all kinds of definitions.  But the one big negative on the internet is knowing who to trust. 

So if you need to know what a term means, here is a trusted resource:

Now, the internet also has list and lists of places you can get a mortgage.  But you get right down to that word "trust" again.  Why should you trust Bill Rayman anymore than the next guy.  Start by checking out his references here.  Then consider his background here.  If that isn't enough check out his YouTube videos here.  And, of course, you can read this blog.

By the time you are finished with that research, if you need more, just call Bill and have a conversation.  There is no charge or obligation.

New Contact Information for Bill Rayman

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Monday, June 17, 2013

Is It Cheaper to Rent or Buy in Los Angeles?

Picture credit

With Los Angeles Mortgage Rates Still at 4%, and Home Prices Still Depressed, Buying Is Better

So I took a typical Westside home worth $650,000.  According to the rental value of that home is $3150 a month.  The estimated mortgage is $2441 based on 20% down and 3.75% 30 year fixed mortgage.  Property taxes and insurance would add another $730.  Maintenance might be $300.  So total out of pocket around $3500.

The tax advantage in the 25% tax bracket would come in at around $800 month, so the net advantage to buying is around $450 a month.

Do the exercise yourself.  You can see estimated purchase value and rent on  You can see property tax on  Trulia will give you an estimated value also, but their values seem more like assessment values than the market values on  Real Estate friends say that both should be taken with a grain of salt.

On the other hand, Trulia has for some time been compiling the information into statistical surveys that might shed light by city, even if it doesn't give you help on each unique situation.  They claim that the current spread in Los Angeles gives you a 35% advantage in buying over renting.  The unique property that we checked on earlier was around 13% better.

To be honest, Trulia uses a lot more information.  Length of stay in house, comparable move in and move out expenses, etc.  So the example we used was not as sophisticated.  Moreover, a minor change in your personal situation could change the dynamic a lot.  Someone who buys a $650,000 house is very likely to use the IRS long form and deduct the interest and property taxes.  But most who purchase a $200,000 home will not be getting the tax advantage.  This changes the equation.

On the other hand, it would appear that the market has taken that into consideration.  Thus you'll find that lower priced condos and homes have a bigger savings on purchase compared to rent before taking the IRS advantage into consideration.  Here are some of the comparable cities in the US right now, coming from

Where Buying a Home is a Tougher Call
# U.S. Metro
Cost of Buying vs. Renting (%), 2013
Cost of Buying vs. Renting (%), 2012
1 San Francisco, CA
2 Honolulu, HI
3 San Jose, CA
4 New York, NY-NJ
5 Albany, NY
6 Orange County, CA
7 San Diego, CA
8 Los Angeles, CA
9 Long Island, NY
10 Ventura County, CA

Note: Negative numbers indicate that buying costs less than renting. For example, buying a home in San Francisco is 19% cheaper than renting in 2013. Trulia’s rent vs. buy calculation assumes a 3.5% 30-year fixed-rate mortgage, 20% down, itemizing tax deductions at the 25% bracket, and 7 years in the home.

At the other extreme, homeownership is most affordable in Detroit, where buying is 70% cheaper than renting. This means it costs less than one-third as much to buy a unit than to rent a similar unit in a similar neighborhood. In fact, buying is less than half the cost of renting (more than a 50% difference) in 46 of the 100 largest metros.

Where Buying a Home is a No-Brainer
# U.S. Metro
Cost of Buying vs. Renting (%), 2013
Cost of Buying vs. Renting (%), 2012
1 Detroit, MI
2 Dayton, OH
3 Gary, IN
4 Cleveland, OH
5 Warren-Troy-
Farmington Hills, MI
6 Toledo, OH
7 Memphis, TN-MS-AR
8 Kansas City, MO-KS
9 Birmingham, AL
10 Indianapolis, IN

If you would like to look at this issue in much more depth, catch the Trulia write up Buying a Home 44% Cheaper than Renting Despite Rising Home Prices. 

You can even follow their links to get into some of the micro data on how they arrive at the statistics.  Where does that leave you in all this?

With many, many more unanswered questions.
  • Many times the type of residence that you desire is not available for rent anyway
  • If you will or might move in 3 years, renting is almost always better
  • What will happen to home prices?
  • Do you like the idea of managing your property?
A major issue in the current market is whether you can even get a mortgage in Los Angeles.  We can help you with that.  A short complimentary conversation will allow us to give you plenty of direction on your eligibility and what you can afford.  Call Bill Rayman at

New Contact Information for Bill Rayman

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Monday, June 10, 2013

Process for Home Mortgage Loan In California

1. Preapproval (link to form)
Most sellers and Real Estate Agents today prefer that you be preapproved for a loan of a specified amount. To get it, your loan agent reviews your income, debt service, credit score and other relevant information, then provides you with a letter detailing what you qualify for. By getting this information before you begin the search for your new home, you accomplish two things. One, you give yourself and realtor a budget to work with. Two, you strengthen your position with the seller. They know that if they accept your offer you have the potential to pay for it.
2. Applying For Your Mortgage (link to form)
Applying for a home loan with Bill Rayman and Mortgage Capital Partners could not be easier. Bill can take your application in person, over the phone, or you may complete the secure online application on this site. You can also choose to fax your completed application to 310-481-4859.
3. Processing Your Loan Application
This step is simply the process of verifying the information you provided during the prequalification process. Typically, we will ask for 3 items to verify these facts:
  1. Your last 2 pay check stubs (a year-to-date P & L if self employed)
  2. your last 2 years tax returns including W-2’s and/or 1099’s.
  3. You last 2 bank statements (checking, savings, investment, 401k, etc...)
We will also order a credit report and arrange for an appraisal on the property being financed. If it’s a purchase, we’ll request a copy of the purchase contract.
4. Appraising Your Home
The appraiser will contact your Real Estate Agent if you are purchasing a new home or call you directly if you are refinancing, to set a time to view the inside of the property being financed. The appraiser will research the comparable homes that have sold recently in your area to determine the current market value of the property. This information is then used by the bank's underwriter as an assurance that the amount they are lending is appropriate to the value of the property.
5. Underwriting your loan
The bank must now make a final determination to approve or reject the loan, and if approved, under what terms. If for any reason they are unable to approve your loan under the terms for which you have applied, they may counter-offer with other terms. For example, if you applied for a 15 year fixed rate mortgage, but the Underwriter felt the larger payment would be overly taxing based on your other debts and as a function of your income, then they may offer a 30 year fixed rate mortgage instead.
6. Closing Your Mortgage
Your closing will commonly take place at the escrow company or at a convenient location. Bill or his team calls you several days in advance of closing to ensure  everything has been or at an location convenient to all parties. Bill will usually call you 24 hours prior to your closing to make certain everything has been properly coordinated between you, your Home Owners Insurance Agent, your Real Estate Agent (if applicable) and your title company.
This is the basic process, but as you can imagine, each of these steps has many possible permutations and potential rabbit trails.  A mortgage loan consultant, unlike an employee of a bank, is your advocate to make sure there is a way to make this process as painless as possible, and arrive at the best possible loan for you.

The consultation is complimentary and has no obligation attached.  Call today if there is any way we can help you achieve your goals through getting one of the currently historic low interest rate loans.

New Contact Information for Bill Rayman

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025


Tuesday, June 4, 2013

Renovating Your Home? Read This Before You Knock Down Any Walls

Much More to Consider than Whether It’s a Load-bearing Wall

The TV reality shows simply pick up a sledgehammer and start going at the wall with gusto, gaining momentum as they do it. It even looks like fun, sort of like a toddler knocking down a wall of blocks.

Construction Is Booming in Los Angeles

As you likely know, it’s not quite as simple as that. Most of us have heard that the main consideration is whether the wall is a load-bearing wall, basically a wall that supports the floor above or the ceiling. Knock down the wrong wall and the entire house can gradually come crashing down like a house of cards.

Several ways to determine whether it's a load-bearing wall

So, yes, you must first find out whether the wall that you want to remove is a load-bearing wall. There are several ways that you can try to determine on your own whether a certain wall is load-bearing, including consulting the original plans for your house. We suggest you call a structural engineer or a building contractor who can tell you with certainty whether a wall is load-bearing or not. The added benefit of consulting an expert is that they can make other recommendations if the wall turns out to be a load-bearing wall. They can either recommend adding another support system or achieving your remodeling goals a different way.

After determining whether the wall is load-bearing, there are other considerations to keep in mind.

Lifestyle. Is this a renovation that will work for your lifestyle in the long run or do you favor an open home concept plan because this works for you now? It may be helpful now for you to be able to view your young children playing in the family room while you prepare meals in the adjoining kitchen, but will you and your kids be craving more privacy once your kids turn into teen-agers? Do you get easily distracted while cooking or do you crave the company of others while you’re in the kitchen?

Heating and cooling. Keeping a larger room warm in the winter and cool in the summer will be harder. Make sure to factor in whether your home has central air and heating, or whether you will need to factor in alternate heating and cooling resources.

Asbestos. There is a possibility that walls in homes built before 1980 may contain asbestos. If so, you will need to call in a professional asbestos cleaner.

Electricity. If the wall contains any electrical outlets, electrical wiring will likely need to be rerouted, which is work that is best done by an electrician.

Flooring. This may be a minor consideration, especially if you are also planning to add in new flooring. Otherwise, you will need to think about how you’re going to fill in the gap in flooring where the wall used to be for a seamless look on your floor.

You can do all of this yourself.  Don't forget to tell the city, and submit your plans.  You are probably better off to get a licensed general contractor to help.  There are plenty of fine ones in Los Angeles.  We can help you with some that we know to be reputable. 

Have you visited our website to check out current Los Angeles interest rates on 30 year fixed mortgages?  We have some great mortgage calculators available, too.

Did you see our post on using a construction loan for major renovations?

Photo credit:

Tuesday, May 28, 2013

Harvard Predicts Families to Spend More on Home Renovations

Harvard researchers credit the improving housing market 

Good news in the real estate market usually means good news on the home renovation front.

A recent report by a Harvard University think-tank says consumers will be spending more on home renovation projects as the year progresses. Existing home sales were nearly nine percent last year, with house prices continually inching upward this year.

Increased equity, increased spending

“This has increased the home equity levels for most homeowners, encouraging them to reinvest in their homes,” said Eric S. Belsky, managing director of the Joint Center for Housing Studies at Harvard University.

The report, issued a few weeks ago, predicts that consumer spending on home remodeling projects will increase from $125 billion at the start of 2013 to nearly $150 billion by the end of the year. This is compared to a low of about $111 billion in 2011.

The Harvard think tank uses a combination of factors to calculate their prediction, based upon statistics provided by agencies such as the Census Bureau, National Association of Realtors and the Federal Reserve, among others.

Renovation spending a key economic indicator

The U.S. remodeling industry is picking up speed as the housing market has revived, according to a report issued earlier this year by the think tank. Several factors are at play:

  • Properties that were foreclosed are being purchased, often by investors who fix them up, or by homeowners seeking to customize a home to their liking.
  • Sustainable home improvements are increasingly becoming more popular
  • Older homeowners need to retrofit their homes to fit different needs

The emerging echo boom generation means more good news could be on the horizon for those in the remodeling industry, as people in this generation begin buying homes.

Researchers keep tabs on home improvement spending as an economic indicator because the amount of spending is so significant. Indeed, the home renovation researchers at Harvard said that spending on home renovation projects in 2011 surpassed money spent on clothing, furniture and home furnishings, and electronics/appliances.

Low interest rates and improving home values are part of the equation, too.

With interest rates still under 4% on many loans, and prices rising at the fastest clip since 2007, owners are tapping the equity to take care of long delayed repairs, upgrades, or remodels.  Some have even been able to spend substantial sums with little or no increase in monthly payments due to the new loan being at much lower rates.

If you would like to find out if you might be able to start your overdue renovations and finally get that new kitchen, just call Los Angeles Mortgage Broker Bill Rayman at 310-295-6213 for a no cost consultation. 
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Wednesday, May 22, 2013

Should You Put 5% Down on a Mortgage When You Can Afford 20% or More?


5% Down, 20% Down? Which Mortgage Makes More Sense? 

Bill Rayman takes you step by step through the numbers to show you convincingly that a 5% down payment on your home mortgage is a much better financial decision in 2013 that putting down 20% or more.  STIPULATION!  You may prefer the emotional benefits of the high down payment.  But with interest rates at historic lows, locking in the MOST possible principle will pay you massive financial benefits over the long term.

Check out some of our fantastic mortgage calculators to find out the details in your own situation.

Interest Only Payment
Calculate your payments with an interest only loan.
Mortgage Amortization
Detailed breakdown of principal and interest payments over the life of your loan.
How Much Can I Afford
How much house / monthly payment can you afford?
Should I Refinance
Calculate savings in switching to a new loan.
Rent vs. Own
Should you buy a home or continue renting? Our Rent vs. Own Calculator will analyze your situation and give you some guidance.
FHA Loan Limits
The FHA Loan Limits calculator helps you calculate the size of the loan the FHA is willing to insure.

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