Monday, August 25, 2014

Avoid These 5 Mistakes and Save Big Money on Your Mortgage

 You can effect the cost of your mortgage!

For most consumers, the largest single financial transaction of their life will be a mortgage. Unfortunately most borrowers approach the process of shopping for a mortgage with less care and analysis than they would for buying a new vacuum cleaner. This is likely because many folks feel that a mortgage is complex and confusing. Thus they allow lenders to control events.

  1. Choices - Like any consumer product or service, you have choices when you want to secure a mortgage. There is plenty of competition for these large dollar transactions. Don't merely use the company you used last time, or the one recommended by your neighbor. You could save on both interest and costs by shopping around.
  2. Broker - One of your choices is whether to deal directly with a bank or use a broker. Don't assume your best deal is with a bank. While it is certainly possible to get the best deal at a bank, you are far more likely to find the lowest cost offer with a broker. The broker will shop your loan with various lending institutions to find the best deal on the market at that moment in time.
  3. Shopping for Brokers - In today's world, you have much more information to go on than just a few years ago. Don't go with the first broker you hear about. In addition to getting recommendations from friends and family, you can now evaluate online reviews offered by Google, Yelp,, and others. This is a huge purchase, check out 5 or 10 different brokers before you make a decision. 
  4. Credit Repair - Your broker should be able to help you make some decisions about fixing your credit in order to improve your score. Unless your credit score is perfect, don't assume you can't make it better. In some cases, it may be worth spending a little money with a reputable credit repair company in order to improve your score. You may save substantial interest and/or costs for premium mortgage insurance over the life of the loan by increasing your score just a few points. 
  5. Lock Your Rate - During the course of your escrow, interest rates will fluctuate, if even just a few basis points. Don't expect to be lucky enough to pick the absolute bottom rate offered while you are in escrow, but do keep track and be willing to spend a little bit of money to lock a rate that could save you a lot of money over the length of the loan. A good broker will help you with this process, but an honest broker will tell you that they are not in the business of guessing the bottom of short term swings in rates. 
If you follow these five directions, you are likely to get the best possible deal on your mortgage. One more thought. Take your time and be wise in the entire decision. Don't overspend for the home, take actions based on emotion or pressure, or figure that anyone else involved in the process has your best interests at heart. The broker is the most likely to be invested in your success. He wants a great review on the internet, and he wants you to tell your friends to call him. Moreover, he only gets paid if you complete a deal.

Bill Rayman has a well deserved reputation for being the kind of broker who cares a huge amount about getting you into the home or condo that you have chosen for your family. His reviews reflect that concern, and he can provide you with dozens of referrals. Call Bill now to discuss your real estate plan.  424-354-5325

Thursday, August 7, 2014

Honest Credit Reports and Scores

Have you ever done an internet search to get your credit score or your credit report? Have you wondered if any of these offers are actually free, or if every one of them has some kind of gimmick to tease you out of your hard earned cash in order to get the information you actually need?

As of August 2014 there are a couple that we can recommend.  If you need your credit score, go to You don't need to leave a credit card, there is no cost, and the process is easy. 

For a good credit report from Experion, try  However, they will charge you for a credit score, and for some reason they only provided Experion, though I asked for all reports.

Please note that we do not receive any compensation from either of these companies for this review.

If you would like to receive a credit score that is specifically created for mortgages, and may be slightly different than those you find online, call Bill Rayman to discuss your mortgage needs.

Friday, August 1, 2014

Update - House Flipping in the Los Angeles Market Is HOT


Big money going into flipping million dollar homes

Disclaimer - Do not try this at home

There was a time long ago in Los Angeles where aspiring actors would fix up homes in between auditions and gigs, then resell for a profit (hopefully). More recently there have been local investment groups made up from the crafts that were very good at making money this way. Now it would appear that the market is really made up of big money professionals, including banks fixing up their own foreclosed properties. All that competition has dried up the flippin market. Or has it?

Turns out Los Angeles is #1 in the US for house flips. While the most likely neighborhood is still Mid City, Encino, Granada Hills, and Northridge all made the top 25 nationally according to Redfin.

It would appear that the easy, inexpensive flip like you see on TV is not happening in LA, but more expensive homes are being fully modernized and upgraded, often at a cost of over $100,000. With the upper end of the market currently the most active, these properties sell quickly with good gains.

To read much more on the subject, check out:

What's Up with the Flippin Market?


Scary Tales From the New Million-Dollar Fixer-Upper Flip Scene

 If you are considering purchasing a home to flip and need a mortgage to do so, or if you need a construction loan for the improvements, please give Bill Rayman a call at 424-354-5325.

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025